Black Cat Syndicate: Set to raise $17m via placement for Paulsens

Black Cat Syndicate Set to raise $17m via placement for Paulsens

• Black Cat Syndicate (BC8) receives firm commitments from investors to raise $17 million to accelerate drilling at Paulens in Western Australia
• The company intends to raise the money via a placement, issuing approximately 42 million new shares at 40 cents each, with a cornerstone investment expected from Collins St Value Fund
• The company’s directors will then look to raise a further $165,000, subject to shareholder approval at a general meeting in early March 2023
• Funds raised from the placement will be applied towards positioning Paulsens and Coyote for restart
• Shares in Black Cat are down 7.78 per cent, trading at 41.5 cents as of 1:30 pm AEDT