Xanadu has confirmed to the Joint Lead Managers that funds raised pursuant to the Offer will be applied towards funding Kharmagtai Phase 2 40,000m drill program and general working capital.
In conjunction with the Placement, Xanadu and the Joint Lead Managers have entered into a binding commitment letter with an existing shareholder to offer all of its shares (22,342,332) for sale (Sell Down Shares) contemporaneously with the offer of New Shares under the Placement, at the Offer Price, totalling approximately $1.39 million. The Joint Lead Managers have received commitments from certain institutional investors to purchase the Sell Down Shares. Settlement of the sale of the Sell Down Shares will be on or around the 6 May 2021
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