Cannindah Resources Limited (CAE.AX) Raises $2.75m to Further Exploration at Mt Cannindah

The Board of Cannindah Resources Limited (ASX:CAE) is pleased to announce the receipt of commitments from sophisticated and professional investors to raise $2.75 million in a placement of 13.75 million shares at an issue price of $0.20 per share. Settlement of the issue is scheduled for Monday 20 February 2023.

Lead manager to $2.5 million of the placement was Peak Asset Management, a Collins St, Melbourne based boutique investment management firm specialising in capital raising and advisory activities.

Funds raised will be applied to the on-going drilling and exploration program at the Mt Cannindah Project, working capital and meeting the costs of the issue.

Executive Chairman Tom Pickett stated "the Company is very pleased to have worked with Peak Asset Management on this successful capital raising. The receipt of these funds allows us to accelerate the planned Mt Cannindah drilling and exploration program which will contribute to the reassessment of the existing JORC resource currently underway."

Tom Pickett
Executive Chairman
T: +61-7-5557-8791

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