Cauldron Energy has received A$2.53 million in funding from Chinese investor Starry World Investment that will be used towards defining the economics of the recently identified high grade uranium zone at Bennet Well in Western
Australia.
Cauldron is now in a very strong financial position with A$3 million in cash at bank.
In addition, a further A$7.47 million in funding is due from various investors under placement agreements.
Starry World has now fulfilled A$3.53 million of the A$4 million funding commitment under the share placement agreement entered into earlier this year and holds 12.1% in the company.
It is expected to provide the remaining $0.47 million shortly.
Besides defining economics of the high grade zone, proceeds from the placement will also be used to conduct field leach trials at the Bennet Well project once they are approved.
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