Following the recent acquisition of the Yerilgee and Evanston projects in Western Australia, Catalina Resources (ASX:CTN) has secured a financial commitment from new investors to raise $500,000 at $0.0025 per share.
Alto Capital has acted as sole lead manager and will receive a 6% fee on all funds raised. Pareto Capital has been appointed as financial advisor to the placement of any shortfall shares upon the close of a rights issue and option placement and will also receive a 6% fee on all funds raised.
The placement is for 200 million shares at $0.0025 to raise $500,000. Half of the shares will be issued to new wholesale investors. Closing date for the rights issue will be 4 April 2025.
Catalina will raise an additional $2.274 million via a non-renounceable rights issue to eligible shareholders.
This funding combined with existing cash reserves provide the company with a “strong balance sheet to drill current projects whilst continuing to assess additional acquisition opportunities”.
Meanwhile, Ross Cotton has been appointed as Executive Director. Cotton has over 20 years’ experience in the financing and management of mining and resource companies globally and will be working alongside Sanjay Loyalka and the team to further the company’s exploration activities whilst continuing to assess new opportunities.
Non-executive director Michael Busbridge will step down from the board as part of this change and will continue to provide technical consultancy as required moving forward.
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Images: Catalina
