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Cavalier Resources Limited ( (AU:CVR) ) has provided an update.
Cavalier Resources has secured firm commitments from sophisticated and professional investors for a $4 million placement at $0.30 per share, priced at a discount to recent trading levels. The new shares will be issued under existing placement capacities and rank equally with current shares, with Sanlam Private Wealth acting as lead manager.
Proceeds will fund long-lead processing plant orders, site establishment, haul road construction, bore field development and recruitment of key technical staff to advance pre-production at the Crawford Gold Project. The raise supports execution of Stage 1 of the project, alongside ongoing negotiations for additional debt-style funding, positioning the company to move into early development while leveraging an updated pre-feasibility study that reflects improved gold price assumptions.
More about Cavalier Resources Limited
Cavalier Resources Limited is an Australian gold exploration and development company listed on the ASX, focused on advancing its flagship Crawford Gold Project. The company is progressing the Stage 1 oxidised pit toward production, with a strategy centred on heap leach processing and capturing value from higher prevailing gold prices in the domestic market.
Average Trading Volume: 81,407
Technical Sentiment Signal: Hold
Current Market Cap: A$23.05M
For detailed information about CVR stock, go to TipRanks’ Stock Analysis page.