Black Cat Syndicate Raises AU$36 Million to Restart Paulsens Gold Operation; Shares Fall 14%

Black Cat Syndicate (ASX:BC8) raised AU$36 million via a two-tranche placement priced at AU$0.27 per share, according to a Tuesday filing with the Australian bourse.

Proceeds will be used to start major refurbishment works and the high-grade stockpile strategy at the Paulsens gold operation in Western Australia.

Planning for the mobilization of MACA Interquip and Cream Mining has begun, with the first gold to be processed in 2024.

Black Cat Syndicate shares were down 14% in recent trade.

Price (AUD): $0.30, Change: $-0.05, Percent Change: -14.49%