Castle Minerals (ASX:CDT) has successfully completed an oversubscribed $2.5M placement to professional and sophisticated investor clients of Peak Asset Management.
The placement will increase working capital to ~$4M, which will enable Castle Minerals to accelerate work at its Kambale Graphite project and other project interests in Western Australia and Ghana.
Castle Minerals says the placement was heavily oversubscribed and the net proceeds will be used to advance the Kambale Graphite project and other key projects in Ghana and Western Australia, as well as for general working capital purposes.
The new shares, new options and LM options will be issued under the company’s existing capacity, and quotation for these securities will be sought on or around March 16.