Calidus Resources Limited announced today that it had received firm commitments to raise $25 million via a share placement. The bids received under the Placement exceeded the Placement Shares to be issued, and accordingly, some bids will be scaled to accommodate the strong demand. Proceeds of the Placement will be used to fund a dual strategy of commencement of works at the Warrawoona Gold Project in the Pilbara and enlarging the Company’s exploration programmes.
Calidus Managing Director Dave Reeves said: “This raising ensures Calidus can move quickly to maximise the full value of Warrawoona for shareholders. By pushing ahead with early construction works, we can maximise our ability to capitalise on the strong gold price and begin to generate cash flow. At the same time, we can ramp up our exploration program, which has significant potential to create further value.