Cauldron Energy Ltd. (Cauldron or the Company) (ASX: CXU), a pioneering firm in the uranium exploration sector, is pleased to provide this brief corporate and project update.
- The Entitlement Offer closed over-subscribed, with $1.427 million raised, demonstrating robust investor confidence.
- Parle Investments Pty Ltd, an experienced uranium sector investor, has become a substantial shareholder, endorsing the Company's strategic uranium focus.
- The Scoping Study for the Yanrey Uranium Project is on track for completion by the end of the calendar year.
- Approval received for a drilling program at the Melrose Ni-Cu-PGE Project, with plans to commence in December 2023.
- CEO Jonathan Fisher to engage shareholders at the Global Uranium Conference and the RIU Resurgence Conference in November.
The Company's capital raising initiative has been a resounding success, with applications received for 180,418,788 New Shares totaling $1,623,769.09. Following a necessary scale-back, 158,594,777 New Shares were allotted, raising a substantial $1.427 million. This figure represents the maximum take-up, with participants also receiving one free attaching option for every three shares subscribed, further bolstering investor engagement and confidence in Cauldron's future.
In a significant development, Cauldron has welcomed Parle Investments Pty Ltd as a new substantial shareholder. Parle, known for its savvy investment strategies in the uranium sector, has acquired an 11.55% stake in the Company, signaling strong support for Cauldron's uranium-centric focus and its strategic plans for the future.
The Company is also on the cusp of completing a comprehensive Scoping Study for the Yanrey Uranium Project. This pivotal document will outline the project's current status, including a significant Indicated mineral resource, and will chart a course for upcoming pre-feasibility studies.
Further bolstering its project portfolio, Cauldron has received Program of Work approval for an upcoming drilling program at the Melrose Ni-Cu-PGE Project in Dalwallinu, Western Australia. The technical team is diligently finalizing plans for the drilling program, set to commence in December 2023. This program aims to investigate historical geochemical nickel anomalies and targets identified from recent electromagnetic surveys.
Cauldron remains committed to active shareholder engagement, with CEO Jonathan Fisher set to participate in the Global Uranium Conference in Adelaide on November 15-16 and the RIU Resurgence Conference on November 22-23 in Perth. These events will provide an excellent platform for the Company to showcase its progress and future plans to a global audience.
Cauldron’s CEO Jonathan Fisher commented:
“Cauldron has built a strong team and a clear strategic plan to deliver value for shareholders. Our projects offer exciting potential in minerals critical to the Energy Transition, which is a sector of particular interest to investors. Following the Entitlement Offer, Cauldron now has sufficient cash resources to advance these projects aggressively. Further, we are particularly pleased to have attracted a new significant, successful Uranium sector substantial shareholder, and we are encouraged by the opportunities this support may present for the Company moving forward.”