Argonaut acted Joint Lead Manager to successfully raise $12 million for Xanadu Mines Limited (ASX:XAM) (“Xanadu” or the “Company”) at an issue price of $0.045 per share by way of a placement (“Placement”). The Placement was underpinned by strong support from existing shareholders, as well as new institutional and sophisticated investors.
Funds from the Placement will be applied towards the Kharmagtai exploration drilling & resource definition drilling program in accordance with Xanadu’s published strategy and working capital purposes.
Argonaut is delighted to continue to provide support to Xanadu and looks forward to Xanadu’s ongoing success.
Additional information regarding Xanadu can be found on the Company’s website at https://www.xanadumines.com/site/content/