Caspin Resources Limited (ASX:CPN) completion of first tranche placement and cleansing notice

Caspin Resources Limited (ASX:CPN) has successfully completed the first tranche of its capital raising, generating approximately $1.18 million through the placement of 23,566,414 fully paid ordinary shares at a price of $0.05 per share. Additionally, the company has issued 855,624 new fully paid ordinary shares upon the conversion of vested performance rights under its employee incentive plan. The completion of the remaining capital raising is contingent upon shareholder approval at the upcoming Annual General Meeting scheduled for November. Further details can be found in the accompanying Appendix 2A.

Executive commentary on completion of first tranche placement and cleansing notice

The completion of the first tranche placement marks a significant milestone for Caspin Resources Limited. We are pleased with the strong support received from both new and existing institutional and sophisticated investors. The funds raised will be instrumental in advancing our strategic initiatives and bolstering our position for future growth. We look forward to seeking shareholder approval for the remaining capital raising at the upcoming Annual General Meeting.

Summary of completion of first tranche placement and cleansing notice

Caspin Resources Limited (ASX:CPN) has successfully concluded the first tranche of its capital raising, securing approximately $1.18 million through the placement of 23,566,414 fully paid ordinary shares at a price of $0.05 per share. The company has also issued 855,624 new fully paid ordinary shares upon the conversion of vested performance rights. The completion of the remaining capital raising is subject to shareholder approval at the forthcoming Annual General Meeting in November. The company remains committed to its growth trajectory and looks forward to utilizing the raised funds to drive its strategic objectives and enhance shareholder value.