Xanadu Mines' successful placement

Xanadu Mines (ASX:XAM) has successfully secured firm commitments for a placement to raise approximately $5.5 million before costs. The placement involves the issuance of about 100 million fully-paid ordinary shares at $0.055 each. Strong support came from both domestic and international institutional investors focused on natural resources.

Strategic goals and future outlook for Xanadu Mines

Xanadu Mines has secured $5.5 million through a successful placement, with strong backing from institutional investors. The funds will support the development of key projects, including the Red Mountain Copper-Gold and Sant Tolgoi Nickel-Copper projects, alongside new acquisitions and exploration. The company is in a consultation period with Zijin Mining Group Co., Ltd regarding the Khuiten Joint Venture, allowing Zijin to maintain its current shareholding. The issue price was set at $0.055 per share, reflecting a competitive discount. Settlement is scheduled for early November 2024. Xanadu aims to bolster its exploration capabilities and strategic interests, reinforcing its position in the natural resources sector.

Executive insights from Xanadu Mines

We are pleased with the strong support from both existing and new institutional investors. This capital raising positions us well to advance our exploration and development initiatives across our portfolio. It also strengthens our strategic discussions regarding the Kharmagtai project.