Black Cat raises funds for Paulsens restart
ASX-listed Black Cat Syndicated has secured the immediate funding required to start major refurbishment works and mining activities at its Paulsens gold mine, in Western Australia.
The company has received firm commitments for A$36-million through a two-tranche placement at A$0.27 a share, with strong support from existing shareholders, as well as several new North American and Australian institutional shareholders.
The placement was upscaled to introduce additional equity funding and to replace the A$6-million Sundy convertible note that had been terminated at no cost.
The funds would provide for the full implementation of Black Cat’s high-grade stockpile strategy, early mobilisation of a twin boom jumbo to Paulsens in July for rehabilitation activities, the ordering of new frontline mobile equipment and the advancement and mining approvals to potentially mine other openpit resources at Kal East.
Black Cat will also use the funds to upgrade the Coyote May 2024 scoping study to a prefeasibility study and to advance studies for the Mt Clement antimony deposit.
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