Cauldron Energy Limited (ASX:CXU) has sealed a subscription agreement with major shareholder Parle Investments Pty Ltd to raise AU$2.025 million. This entails issuing 45 million new shares at 4.5 cents each, representing an 11% premium. The capital infusion will primarily fuel advancement in the Yanrey Uranium Project, with drilling slated for April-May, subject to logistical finalization. Noteworthy is the project's Bennet Well Deposit, housing substantial uranium reserves, making it one of Western Australia's largest.
Cauldron plans intensive drilling at Bennet Well and exploration of adjacent areas. CEO Jonathan Fisher acknowledges Parle's backing, crucial for project progression. The project's potential for low-impact, cost-efficient production aligns with rising uranium demand amidst a global nuclear renaissance. Cauldron anticipates seizing opportunities once the uranium mining ban in Western Australia is lifted, bolstering global uranium supply and state revenue.
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