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Cervantes Corporation extends closing date for $700,000 capital raising

The closing date for the company’s fundraising exercise is now December 28, 2018.

Raising capital words amplified through glasses
Funds will be used for drilling of two WA gold projects

Cervantes Corporation Ltd (ASX:CVS) has extended the closing date for its capital raising of $700,000 by way of prospectus by one month.

The closing date for the capital raising has been extended to December 28, 2018, from the proposed date of November 30.

READ: Cervantes outlines capital raising to drill gold projects

A prospectus details the raising of the funds by the issue of up to 70 million shares priced at 1 cent each.

In addition, eligible applicants will receive one free attaching option exercisable at 1.5 cents expiring June 30, 2020, for every two shares they are issued.

Funds will be primarily used for drilling of Cervantes’ Albury Heath and Primrose projects in Western Australia.

High-grade drill results of 2 metres at 67.2 g/t from 27 metres and 5 metres at 63.1 g/t from 32 metres were delivered from Albury Heath, near Meekatharra in the state’s Mid-West, earlier in the year.

READ: Cervantes Corporation starts drilling program at main WA projects

A follow-up drilling program started this week following finalisation of a drilling tender process.

Follow-up drilling is also planned at the Primrose project in Payne’s Find Goldfield after the Albury Heath drilling.

This will be based on a successful aircore drilling program and RAB drilling program in 2017, which produced elevated gold and nickel-cobalt-copper results.

These programs form part of a wider corporate strategy to pursue “fast wins” at low-sovereign-risk projects in WA.

Quick facts: Cervantes Corporation Ltd

Price: 0.004 AUD

ASX:CVS
Market: ASX
Market Cap: $1.99 m
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