Calidus raises funds for Warrawoona
PERTH (miningweekly.com) – Gold explorer Calidus Resources will raise A$25-million to fund construction and early works at its Warrawoona gold project, in the Pilbara.
The company on Friday said that it had received firm commitments for the placement of more than 49-million shares, at a price of 51c each from professional and sophisticated investors.
The issue price represented an 8.1% discount to the company’s 15-day volume weighted average share price, Calidus said.
“This raising ensures Calidus can move quickly to maximise the full value of Warrawoona for shareholders. By pushing ahead with early construction works, we can maximise our ability to capitalise on the strong gold price and begin to generate cashflow,” said MD Dave Reeves.
“At the same time, we can ramp up our exploration programme, which has significant potential to create further value.”
A 2019 prefeasibility study into the Warrawoona project estimated that it would require a capital investment of A$95-million, and would recover some 580 490 oz of gold over an initial six year mine life.
The project hosts a mineral resource of 1.49-million ounces, at 1.06 g/t gold defined over 5 km of strike which remains open in all directions.
Funds raised through the share placement would allow for early works at Warrawoona, including installation of the access roads, village, water supply and communications, and would allow front-end engineering design for long lead items, while the exploration campaign at Warrawoona would also be expanded.
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