logo-loader
viewXanadu Mines Ltd

Xanadu Mines lifts cash balance and strengthens share register through placement

Xanadu is fully-funded to continue exploration at Kharmagta.

1506571236_australian-notes-754846.jpg
Drilling is in progress at Kharmagtai

Xanadu Mines Ltd (ASX:XAM) has received a major vote of confidence from investors in its strategy to advance the flagship Kharmagtai copper-gold project, located in Mongolia’s South Gobi Region.

Xanadu has completed a bookbuild for an oversubscribed placement raising $15.4 million at $0.20 from domestic and international institutional and sophisticated investors.

Dr Andrew Stewart, chief executive officer, commented:

"We are very delighted with the strong support received from our existing sophisticated and institutional shareholders, and are very pleased to welcome a number of international institutional shareholders as new shareholders into Xanadu.

"The placement enables us to further strengthen our share register with selected institutional investors.

"The strengthening of our balance sheet to now be debt free will allow Xanadu to vigorously pursue its drilling programs unencumbered, which puts us in a very advantageous position."

Besides Kharmagtai, funds will also be allocated to the Red Mountain and Yellow Mountain copper-gold projects, and the repayment of the Noble debt facility.

READ NOW: Xanadu Mines confirms three large porphyry targets

Xanadu has also been attracting some broker attention, with Bell Potter placing a Buy Recommendation on the company with a $0.52 valuation.

Quick facts: Xanadu Mines Ltd

Price: 0.042 AUD

ASX:XAM
Market: ASX
Market Cap: $29.94 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Xanadu Mines Ltd named herein, including the promotion by the Company of Xanadu Mines Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Xanadu Mines boosts flagship Kharmagtai project in Mongolia...

Xanadu Mines Ltd (ASX:XAM) (TSE:XAM) chief executive officer and managing director Dr Andrew Stewart tells Proactive about the increasing oxide gold being found following a recent scoping study at the company’s flagship Kharmagtai Copper-Gold Project in Mongolia. Dr Stewart says the top of...

on 4/9/19

2 min read