Cassius Mining Limited (ASX:CSU), a company focused on mineral exploration and development, has announced that it has secured firm commitments to raise $1,163,532 before expenses through a placement. The funds will be raised from sophisticated and professional investors who will subscribe for 38,784,400 new fully paid ordinary shares in the company at a price of $0.03 per share.
The placement will be completed using the company’s existing placement capacity under ASX Listing Rule 7.1. This allows the company to issue new shares without requiring shareholder approval, up to a certain limit. The company’s decision to use this capacity enables it to quickly secure the necessary funds to support its ongoing projects and legal proceedings.
The raised capital is earmarked for several key initiatives. A significant portion of the funds will be used to advance the Soalara project in Madagascar. Additionally, the company intends to use the funds to support its ongoing litigation claim in Ghana. Remaining funds will be allocated to general working capital purposes, ensuring the company has sufficient resources to manage its day-to-day operations and pursue other strategic opportunities.
The announcement of the placement was authorised for release to the ASX by the Cassius Mining board. Further details regarding the placement and the company’s projects can be found on the Cassius Mining website.
