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Cauldron Energy secures partial underwriting for listed options

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Cauldron Energy (ASX: CXU) has secured support for the exercise of its outstanding listed options expiring 31 October 2012 with Barclay Wells Limited agreeing to provide a partial underwriting of up A$832,500.

Cauldron had 12,866,462 options exercisable at A$0.45 expiring on 31 October 2012, this represents a discount to its share price, which has ranged from A$0.545 to A$0.465 in the past two days, and could represent a A$5.8 million cash injection if is fully exercised

The underwriting agreement with Barclay Wells is on standard terms and conditions and includes typical indemnification and termination provisions and commission payable at 5%.
 
Cauldron had yesterday reported that it intersected peak grades of nearly 1% uranium from its 5,000 metre drilling program at Bennet Well East within its Yanrey Uranium Project in Western Australia.

Further assay results from the hole where the peak grade was made include 3.3 metres at 1,596ppm uranium from 57.7 metres including 2.21 metres at 2251ppm uranium from 57.7 metres.

Cauldron now believes it has over 90 square kilometres of untested prime target areas which are favourable to uranium mineralisation.

 

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Quick facts: Cauldron Energy Ltd

Price: 0.016 AUD

ASX:CXU
Market: ASX
Market Cap: $5.27 m
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