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Calidus Resources has raised $23 million through a share placement to professional, sophisticated, and institutional investors at a price of $0.21 per share.
Proceeds from the placement will be used to strengthen Calidus' balance sheet and support planned expansions at its Warrawoona Gold Project in Western Australia.
Alkane Resources, Calidus' largest shareholder, has subscribed for $2.5 million of placement shares, and Macmahon Holdings has elected to convert around $10.5 million of its existing creditor position to equity at the same price as the placement.
All gold assays have now been received for the maiden 31-hole RC program.
Latest results include: • 6m @ 40.15g/t Au from 38m in 22GORC016 (including 1m @ 220.17g/t Au from 39m)
The results indicate the presence of two mineralisation styles: one is high-grade shear-hosted mineralisation analogous to the Warrawoona Gold Project and the other is a lower grade disseminated mineralisation.