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Cauldron Energy in trading halt with project acquisition news pending

The halt will remain until the start of trading on Friday, September 29, or when an announcement is released.

Cauldron Energy Ltd - Cauldron Energy in trading halt with project acquisition news pending
The company recently agreed to acquire the Bullarto South Gold Project

Cauldron Energy Ltd (ASX:CXU) has been granted a trading halt with an announcement pending in connection with the acquisition of a new project.

The halt will remain in place until the start of normal ASX trading on Friday, November 29, 2019, or when the announcement is released to the market, whichever occurs earliest.

In its request to the ASX for the halt, Cauldron said it was “pending an announcement to be made by the company to the market in connection with the entering into of a heads of agreement in connection with the acquisition of a new project”.

“The trading halt is necessary to assist the company in managing its continuous disclosure obligations as the company expects to make a material announcement to the market for the stated purpose,” it stated.

Securities of the company, which has a market cap of approximately $5.93 million, last traded at 1.8 cents.

Bullarto South acquisition

Earlier this month Cauldron signed a heads of agreement to acquire the Bullarto South Gold Project in the Central Victorian Goldfields.

Bullarto South is about 4 kilometres west of the Blackwood Goldfields near Ballarat which produced over 199,000 ounces of gold in the 1860s Victorian gold rush - worth about US$190 million today.

Significant historical mining activities have been carried out at Bullarto South, with the project area having in excess of 100 named shafts and pits.

This acquisition is part of an overall strategy for Cauldron to build a presence in the Victorian Goldfields in projects which have historical exploration supportive of the potential for large-scale gold deposits and short-term generation of cash-flow.

Quick facts: Cauldron Energy Ltd

Price: 0.012 AUD

ASX:CXU
Market: ASX
Market Cap: $4.12 m
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