Cervantes Corporation raises more than $3.36 million to advance exploration work

Cervantes Corporation Limited (ASX:CVS) has raised more than $3.36 million after completing the capital raisings announced on April 1. These funds will be spent on exploration work, particularly two reverse circulation (RC) drilling programs at Primrose Gold Project in the Paynes Find Goldfield of Western Australia, as well as seeking other opportunities in the sector. The following securities have been issued: 268,004,155 shares and 134,002,075 free-attaching options under the rights issue offer at an issue price of $0.003 per share to raise $804,012 (before costs); 750 million shares and 375 million free-attaching options under the placement offer at an issue price of $0.003 per share to raise $2.25 million (before costs); and 625 million options under the option placement offer at an issue price of $0.0005 per option to raise $312,500 (before costs). Board changes Cervantes has also appointed Robert Downey as non-executive chairman and Matthew O’Kane as a non-executive director. Downey is admitted as a barrister and solicitor in Western Australia and has practised as a corporate and commercial lawyer for more than 20 years. He advises a wide range of public and private companies as well as high net worth individuals in relation to commercial and corporate transactions. Downey has been a director of many public listed and private companies with particular experience in relation to day-to-day listing rule compliance, disclosure and governance issues. O’Kane is an experienced mineral industry executive and company director with 25 years of experience in the mining, commodities and automotive sectors. He has held senior leadership roles in Australia, the USA and Asia, in both developed and emerging markets. O’Kane has served on the board and as an executive of mining companies in Canada, Hong Kong and Australia, and is currently the managing director of Comet Resources Limited (ASX:CRL), non-executive director of Pursuit Minerals Ltd (ASX:PUR) and non-executive director of Azarga Uranium Corp (TSE:AZZ). During his career, he has worked with company’s involved in production, exploration and development. "Company well-positioned"  Company secretary Patrick O’Neill has stepped down with the appointment of Chris Achurch. Achurch provides company secretarial, corporate advisory and general consulting services to a number of ASX listed clients. Cervantes also advises that Collin Vost and Justin Vost have resigned as directors effective today. Non-executive chairman Robert Downey said: “On behalf of the board and our shareholders I would like to thank Collin and Justin for their time and commitment to Cervantes over more than 10 years, leaving the company well-positioned to progress the company’s projects. "We wish them every success in their future endeavours. “The company looks forward to working with Justin over the next 12 months, assisting Cervantes with a smooth and efficient transition.”