Cloudbreak Discovery PLC (LSE:CDL, OTC:CDBDF) saw its shares climb by more than 20% on Thursday morning after securing fresh backing from institutional investors.
The exploration company raised £600,000 through a placing at 0.475p per share, supported by one existing shareholder and two new investors, including a US-based mining-focused fund.
Managing director Tom Evans welcomed the outcome, commenting:
“I am delighted by the support provided by the strategic new and long-term shareholders of the company. This placing enables us to greatly accelerate the work programme planned at our recently announced increased acreage at Darlot West, and further, to crystallise some exciting opportunities the company has already negotiated exclusivity on.”
In London, Cloudbreak shares were up around 22% at 0.69p, extending a remarkable run that has left the stock over 330% higher in the past two weeks, fuelled by optimism around the Darlot West project.
