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Small Cap: Private placement with a lot of international interest

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At the Kat Gap Project, Classic Minerals is already commencing open pit excavation.

Private placement with great international interest

After the legal requirements for gold production at the Kat Gap gold project were in place this week through the issuance of the final mining permit by the Department of Mines, Industry Regulation and Safety, Classic Minerals has also taken an important step forward in the financial area, by successfully placing new shares for the equivalent of 1.5 million Australian dollars (AUD).

The new shares, brokered by a leading Melbourne firm, were subscribed to by Australian and international shareholders from around the world. There was a lot of interest in the new shares, which were issued at a price of A$0.00085. The capital measure could therefore be carried out without delay and to the full extent.

Classic Minerals is funding the mining of the bulk sample and preparation for gold production at Kat Gap

The issue of the new shares, which also carry an option, is expected to be completed by March 21, 2022. One option will be issued for every four new ordinary shares. It is exercisable until 3 February 2024 and entitles the holder to purchase one additional Classic Minerals share at a price of AUD$0.003.

Classic Minerals will use the newly raised funds to continue the bulk sampling at Kat Gap. In addition, the fresh funds will be used to fund work and expenses to transition to full mining operations at Kat Gap over the coming weeks and months.

Beginning of opencast mine for large samples with equipment 140322
The first 5 meters of the planned opencast mine have been completed

More security for everyone involved

For the invested investors, this private placement means dilution on the one hand, which is always unpleasant. On the other hand, Classic Minerals also gains the certainty that the mining of the bulk sample has been successfully completed and that it contains Gold can be processed in the Gekko plant.

Against this background, the successful placement also represents a gain for the previous investors, because a mining permit that cannot be implemented due to a lack of financial resources is not in their favor in the long term either. Now, however, shareholders, old and new, can rejoice as gold production at Kat Gap is gradually approaching.

FGP open pit 271020
It could look like this on Kat Gap – Historical
Lady Ada open pit mine

Kat Gap Survey Map 070920

Risk Notice
AXINO Media GmbH offers editors, agencies and companies the opportunity to publish comments, analyzes and news on www.axinocapital.de. This content is for the sole purpose of informing the reader and does not represent any kind of call for action, neither explicitly nor implicitly are they to be understood as a guarantee of any price developments. Furthermore, they in no way replace individual expert investment advice and do not represent an offer to sell the share(s) in question or an invitation to buy or sell securities. This is expressly not a financial analysis, but an advertising one / journalistic texts. Readers who make investment decisions or carry out transactions based on the information provided here act entirely at their own risk. There is no contractual relationship between AXINO Media GmbH and its readers or the users of its offers, since our information only relates to the company and not to the reader’s investment decision.

The acquisition of securities involves high risks that can lead to the total loss of the capital invested. The information published by AXINO Media GmbH and its authors is based on careful research, but any liability for financial loss or the content guarantee for the topicality, correctness, appropriateness and completeness of the articles offered here is expressly excluded. Please take note of our Terms of Use.

In accordance with Section 34b WpHG and Section 48f Paragraph 5 BörseG (Austria), we would like to point out that AXINO Media GmbH and/or its employees, affiliated companies, partners or clients hold shares in Classic Minerals Limited and that there is therefore a conflict of interest. AXINO Media GmbH and its affiliated companies also reserve the right to buy or sell shares in the company at any time.
project map

Values ​​included: AU000000CLZ3

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