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Cauldron Energy secures funds for Victorian gold acquisitions

Funds will be used in the acquisition of interests in the Blackwood Gold Project and the Bullarto South Gold Project in Victoria.

Cauldron Energy Ltd - Cauldron Energy secures funds for Victorian gold acquisitions
Formal joint venture agreements for each project are being progressed

Cauldron Energy Ltd (ASX:CXU) has raised $205,002 through the placement of 13.66 million shares priced at 1.5 cents each to Australian investors.

The placement shares come with a 1:2 option priced at 3 cents expiring 31 December 2019.

The company is also in the process of finalising a second tranche of the placement to overseas residents, directors, staff and a small number of existing shareholders on the same terms.

The second tranche, when finalised, will require shareholder approval.

Acquiring Victorian goldfields projects

The proceeds of the placement are to be used principally to cover legal and other costs associated with the acquisition of the interests in the Victorian goldfield projects, holding costs associated with existing projects and for general working capital.

Earlier this month, Cauldron completed its legal and technical due diligence to acquire the Blackwood Gold Project and the Bullarto South Gold Project in Victoria.

Together the projects cover an area of 160 square kilometres and secure the most significant portion of the highly prospective Blackwood Goldfield.

This goldfield produced over 218,000 ounces of gold during the 1860s Victorian gold rush, worth around $450 million today.

Multiple high-priority targets have been identified with plans prepared for immediate drilling.

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