Catalina Resources Secures $2.77 million to Drive Exploration Efforts

Highlights:

• $2.77 million Capital Raise: $500K secured through a placement and $2.27 million via a non-renounceable rights issue.
• Exploration Plans on Track: Funds will support field exploration at the Yerilgee and Evanston gold projects in Q2 2025.
• Board Expansion: Ross Cotton appointed as Executive Director to drive exploration and growth strategy.

Capital Raise to Fund Gold Exploration Projects

Catalina Resources Limited (ASX: CTN) has announced a capital raise of $2.77 million to advance exploration activities at its recently acquired Yerilgee and Evanston gold projects in Western Australia. The company will secure $500,000 through a share placement and an additional $2.27 million via a non-renounceable rights issue. At the time of writing, Catalina Resources is actively positioning itself for upcoming field exploration in Q2 2025.

Details of the Share Placement and Rights Issue

Catalina has received commitments for a $500,000 placement, issuing 200 million shares at $0.0025 per share. Additionally, a pro-rata non-renounceable entitlement issue will allow eligible shareholders to subscribe for one new share for every two shares held at $0.003 per share, aiming to raise $2.27 million. Each five new shares issued will also come with one free-attaching share, effectively reducing the cost to approximately $0.0025 per share.

To facilitate the process, Alto Capital is acting as the Sole Lead Manager for the placement and will receive a 6% fee on funds raised, along with 10 million unlisted options at an exercise price of $0.005, set to expire in two years.

New Leadership and Strategic Outlook

Catalina has also announced the appointment of Ross Cotton as an Executive Director. With over 20 years of experience in mining finance and resource management, Cotton is expected to play a pivotal role in driving Catalina’s exploration strategy and acquisition plans.

Executive Chairman Sanjay Loyalka emphasized that the capital raise strengthens the company’s financial position, enabling it to accelerate its exploration initiatives while assessing new opportunities.

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