Caeneus Minerals Ltd (ASX: CAD) is an Australian-based mineral exploration and development company established for the purpose of acquiring a portfolio of highly prospective exploration projects or near term development projects in Australia and United States.
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Caeneus Minerals collects cash for maiden lithium drilling
Caeneus Minerals (ASX:CAD) has raised $1.1 million through the placement of 440 million shares priced at $0.0025 each.
Shares were placed with professional and sophisticated investors and shares come with a 1:2 attaching option exercisable at $0.003 expiring on 31 December 2020.
Funds raised will be directed towards Caeneus's maiden drilling program at the Scotty's South, Lida Valley and Columbus Marsh lithium brine projects located in the U.S. state of Nevada.
Drilling is scheduled to commence early this week subject to obtaining the necessary permits.
Recently, Iconic Minerals (TSXV:ICM) had success at its Bonnie Claire lithium project, which immediately abuts the company's exploration projects to the north.