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Xanadu Mines raises $2.5 million to progress Kharmagtai Copper-Gold Project exploration

In December last year the company’s new test program at the Kharmagtai project improved copper recoveries by around 4.5% to an average recovery of 89.5%.

Xanadu Mines Ltd - Xanadu Mines raises $2.5 million to progress Kharmagtai Copper-Gold Project exploration
Xanadu is committed to Mongolia and its potential as one of the last great copper frontiers

Xanadu Mines Ltd (ASX:XAM) has conducted a non-brokered placement overnight raising $2,58 million. 

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.

Quick facts: Xanadu Mines Ltd

Price: 0.028 AUD

ASX:XAM
Market: ASX
Market Cap: $22.15 m
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