The company recently upgraded the copper and gold Exploration Target at its flagship Kharmagtai project in the south Gobi region of Mongolia.
() has gained a new substantial holder in Precious Capital Global Mining and Metals Fund (PCG).
PCG participated in a non-brokered placement to acquire about 78 million shares for a total consideration of about $2.58 million to gain a 9.9% voting power in Xanadu.
Funds to be spent towards exploration
Chief executive officer Dr Andrew Stewart said last week: “On behalf of the board of Xanadu Mines, I would like to welcome PCG to the register.
“The funds raised from the placement will be used towards exploration of the company’s flagship Kharmagtai Copper-Gold Project.”
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