Cannindah SPP Closes Heavily Oversubscribed to Fund Mt Cannindah Drilling

Cannindah Resources Limited ( (AU:CAE) ) just unveiled an announcement.

Cannindah Resources has closed its share purchase plan heavily oversubscribed, receiving A$4.9 million in applications against a planned A$2.0 million raise, following an earlier A$11.1 million placement and ahead of a second tranche placement subject to shareholder approval. The company will scale back SPP applications to A$3.0 million on a pro-rata basis and, together with placement proceeds, will fund extensive drilling and exploration to expand the Mt Cannindah Copper-Gold Breccia deposit, advance the high-impact Southern Porphyry Target, support other project work and provide working capital, underscoring strong investor confidence in the project’s growth potential.

The most recent analyst rating on (AU:CAE) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on Cannindah Resources Limited stock, see the AU:CAE Stock Forecast page.

More about Cannindah Resources Limited

Cannindah Resources Limited is an Australian mineral exploration company focused on copper and gold, with its flagship Mt Cannindah Copper-Gold Project in Queensland. The company targets growth through expanding existing mineral resource estimates and advancing high-potential targets such as the Mt Cannindah breccia deposit and the Southern Porphyry Target.

Average Trading Volume: 1,483,896

Technical Sentiment Signal: Buy

Current Market Cap: A$63.89M

For an in-depth examination of CAE stock, go to TipRanks’ Overview page.