Xanadu mines $10 million oversubscribed placement

Company News

by Rachael Jones

Xanadu Mines (ASX:XAM) has successfully completed a placement to domestic and international institutional and sophisticated investors raising $10 million at A$0.17 per share.

The suspension of trading securities will be lifted immediately.

Xanadu continues to have strong support from existing shareholders and demand from new investors, driven by Xanadu’s recent exploration success at its flagship Kharmagtai copper-gold project in Mongolia’s South Gobi Region.

The Placement is scheduled to settle on Monday, 25 June 2018 with allotment and trading to occur on Tuesday, 26 June 2018.

Shares in Xanadu Mines (ASX:XAM) are trading 10 per cent lower at 18 cents.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.