Xanadu Mines Limited
(ASX:XAM) has completed a $12.2 million raising at a placement price of 20 cents per share.
The raising was strongly supported by existing shareholders, and has seen the introduction of number of new institutional investors onto the register.
Funds raised will go towards Xanadu’s copper-gold Oyut Ulaan project in Southern Mongolia
The capital raising has strengthened the company’s cash position and it has indicated it will no longer need to draw down on the remaining balance of a finance facility it has in place with Noble Resources.
Xanadu Mines reported a net loss of $4.37 million at 31 December 2015.
