Cannindah Raises $11.08M via 246 Million Shares at 4.5 Cents Each

Successful Capital Raise Bolsters Cannindah’s Funding

Cannindah Resources Limited (ASX, CAE) has completed the first tranche of its recently announced capital raising, issuing 246,111,111 fully paid ordinary shares at 4.5 cents each. This placement has generated approximately $11.08 million before costs, providing the company with a significant boost to its financial position as it advances its exploration and development ambitions.

Placement Executed Under Existing Capacity

The shares were issued under the company’s existing placement capacity as permitted by ASX Listing Rules 7.1 and 7.1A, allowing Cannindah to raise funds without the need for immediate shareholder approval or extensive disclosure under Part 6D.2 of the Corporations Act. This approach enabled a swift capital injection from a mix of new and existing institutional, sophisticated, and professional investors.

Next Steps Hinged on Shareholder Approval

While the first tranche is complete, the second tranche of the placement remains conditional on shareholder approval, which is scheduled to be sought at a general meeting in March 2026. This next phase will be critical in determining the full extent of the capital raise and the company’s ability to execute its strategic plans with enhanced funding.

Regulatory Compliance and Transparency

Cannindah has confirmed compliance with all relevant provisions of the Corporations Act and ASX regulations, ensuring transparency and adherence to legal requirements. The company also stated that there is no excluded information that would affect investor decisions, maintaining confidence in its governance and disclosure practices.

Looking Ahead

With fresh capital secured, Cannindah Resources is positioned to accelerate its exploration activities and potentially unlock value for shareholders. However, the market will be watching closely for the outcome of the upcoming shareholder vote and any announcements regarding the deployment of these funds.