Kharmagtai copper project in Mongolia is benefiting from additional investor backing with the successful completion of a A$8 million fundraiser to support further exploration.
The funds come from a share placement at $0.125 per share that was strongly supported by both new and existing sophisticated and institutional investors.
In conjunction with the placement, Xanadu is pursuing $2 million of additional funding via a share purchase plan at the same offer price.
Shares in the company were last trading at $0.135, or 80% higher than just two months ago.
The latest funding drive follows more than $15 million in capital raisings since the company’s 2014 annual general meeting and builds on a cash position of $2.5 million as of the end of September.
This financial momentum will help reduce the acquisition consideration for Kharmagtai and support a winter exploration program at the project.
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