Cannindah Resources: Raises $2m to continue Mt Cannindah drilling

Cannindah Resources Raises $2m to continue Mt Cannindah drilling

• Cannindah Resources (CAE) completes a $2 million capital raising to continue its drilling program at the Mt Cannindah deposit in Queensland
• The placement saw 9.3 million shares issued to sophisticated and professional investors at a price of 21.5 cents each
• The funds will go towards Cannindah’s current drilling program at Mt Cannindah, along with paying off the costs of issue and working capital
• The company anticipates the arrival of a second rig shortly to assist with the completion of additional holes at the project
• CannindahResources is up one per cent, trading at 25.3 cents at 3:31 pm AE