Cyclone Metals Ltd (AU:CLE) has released an update.
Cyclone Metals Ltd has successfully raised $1.87 million through a share placement and is planning to convene a General Meeting to propose a share consolidation and a further $5.39 million entitlement offer, fully underwritten by RM Corporate Finance. The funds are earmarked for advancing its Iron Bear Iron Ore Project, extinguishing debt, and general working capital. The company also conducted a thorough site visit of the Iron Bear project’s infrastructure, including an iron ore export port and the Menihek Hydropower Plant, to ensure their capacity to support future mining and logistics operations.
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