Castle Minerals secures funding for exploration

Castle Minerals (ASX:CDT) has announced a capital raising to support its gold exploration projects in West Africa. The company will raise $1.25 million through the placement of 500 million new shares. Additionally, they have arranged a significant investment with Ghana's Mineral Income Investment Fund.

Summary of capital raising initiative

Castle Minerals (ASX:CDT) has announced a $1.25 million capital raising via the placement of 500 million new shares to fund its West African gold exploration projects. The company has also secured a non-binding Indicative Term Sheet with Ghana's Mineral Income Investment Fund for an additional investment of approximately A$3 million. This includes A$750,000 for Castle and A$2.25 million for its subsidiary, Kambale Graphite Limited. The funds will be used for drilling activities and advancing the Kambale Graphite Project. The placement will be conducted in two stages, with the first stage raising $750,000 and the second stage $500,000, pending shareholder approval. This initiative marks a significant step for Castle Minerals in their exploration and development activities, supported by substantial investment from Ghana.

Executive commentary on capital raising

The funds raised will be instrumental in advancing our exploration efforts, particularly at the Kpali Gold Project, and the development of the Kambale Graphite Project.