Connected IO Ltd. (AU:CIO) has released an update.
Connected IO Limited is set to acquire significant interests in uranium and gold projects in Namibia and Western Australia, respectively, while also planning a share consolidation and a $5.2 million capital raise to fund these new ventures. With a robust cash balance of $1.20 million and no debt, the company is undergoing a transformation into a junior minerals explorer and will seek to be reinstated for trading on the ASX. Shareholders will vote on the proposed company name change to ‘Connected Minerals Limited’ in an upcoming General Meeting.
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