The placement was conducted at 3.3 cents per share and will result in 78.32 million shares being issued.
The new shares issued under the placement will rank equally with existing ordinary shares and will be issued to Precious Capital Gold Mining & Metals Fund (PCG).
PCG is managed by SSI Asset Management AG, a Zurich based fund (SSI).
Following completion of the raising, PCG will hold around 9.9% of Xanadu.
Funds to be spent towards exploration
Chief executive officer Dr Andrew Stewart said, “On behalf of the board of Xanadu Mines, I would like to welcome PCG to the register.
“The funds raised from the placement will be used towards exploration of the company’s flagship Kharmagtai Copper-Gold Project.”
The settlement of the placement is due in the coming days.