Cavalier Resources Ltd's non-renounceable rights issue

Cavalier Resources Limited (ASX:CVR) has announced a non-renounceable rights issue to raise up to $1.7 million. The rights issue will offer one fully paid ordinary share for every three shares held at 12 cents per share. The record date for this issue is 25 September 2024.

Executive commentary on the rights issue

The funds raised through this rights issue will primarily be used for near-mine development and exploration drilling at the Crawford Gold Project, as well as additional drilling at the Ella's Rock Li-Au-Ni Project. Additionally, the company aims to utilize the raised capital for general working capital purposes and to finalize progress of regulatory approvals for the Stage 1 open pit at the Crawford Gold Project.

Summary of Cavalier Resources' announcement

Cavalier Resources Limited (ASX:CVR) has announced a non-renounceable rights issue to raise up to $1.7 million, priced at 12 cents per share with a 14.3% discount to the last traded price. The company intends to utilize the funds for near-mine development, exploration drilling, and regulatory approvals at its Crawford Gold Project and Ella's Rock Li-Au-Ni Project. Furthermore, discussions with potential investment, mining, and processing partners are underway, indicating the company's strategic focus on growth and development. The rights issue is open to all shareholders with a registered address within Australia or New Zealand on the record date of 25 September 2024, and will close on 9 October 2024. Shareholders are encouraged to review the offer document before making any decisions regarding the rights issue.