Black Cat Syndicate's successful capital raising and funding update

Black Cat Syndicate Limited (ASX: $BC8) has announced the successful completion of a $36M capital raising through a two-tranche placement to institutional and sophisticated investors at $0.27 per share. The funds will be used to restart the 100% owned Paulsens Gold Operation, including refurbishment of the processing facility and commencement of high-grade mining activities targeted for December 2024. The placement was strongly supported by existing shareholders and new North American and Australian institutional investors. Additionally, the company is expecting a strong stream of news flow for the remainder of 2024 with refurbishment activities, high-grade mining, and the commencement of gold production at Paulsens.

Executive commentary on securing immediate funding for Paulsens

Black Cat's Managing Director, Gareth Solly, expressed satisfaction with securing immediate funding to commence the major refurbishment works and the high-grade stockpile strategy at Paulsens. He highlighted the commencement of mobilization activities and expressed gratitude to new institutional investors and loyal existing shareholders for their support. Solly also emphasized the company's anticipation of becoming Australia's next gold producer.

Summary of the successful capital raising and outlook

Black Cat Syndicate (ASX: $BC8) has successfully secured $36M funding through a two-tranche placement, demonstrating strong support from existing and new institutional investors. The funds will be utilized for refurbishment works and the high-grade stockpile strategy at the Paulsens Gold Operation, with the commencement of gold production expected by the end of 2024. The company's directors and management have also applied for 1.2M new shares, further demonstrating their commitment to the company's growth. With a strong stream of news flow expected for the remainder of 2024, Black Cat is poised to achieve its goal of becoming a multi-operation gold producer at its three 100% owned operations, including Paulsens, Coyote, and Kal East Gold Project.