Calidus was born when AIM-listed Keras Resources vended its Pilbara gold assets into ASX-listed shell Pharmanet Group.

Keras is the company’s largest shareholder with 30.25%.

Calidus completed an oversubscribed A$7.85 million raising, attracting strong institutional support from Australia, Asia and the UK.

Drilling is already underway at the 410,000 ounce Warrawoona gold project near Marble Bar in the East Pilbara.

The 10,000m program will mainly focus on the 374,000oz Klondyke resource.

“This is the first time the tenements have been consolidated under one ownership with the previously fragmented ownership limiting the chances of development of this outcropping, high-grade gold project,” Calidus managing director Dave Reeves said.

“In addition, no modern exploration has been carried out over the bulk of the tenements, with the last main campaign being conducted in the early 1990s.”

“There are presently over 38km of mapped, but largely untested, shears located on the company’s tenements.”

Joining Reeves on the board is European Metals Holdings MD Keith Coughlan, former Medusa Mining MD Peter Hepburn-Brown and former Argonaut head of metals and mining Adam Miethke.

Calidus shares, which trade under the ticker code CAI, closed at 2c, the same price that the raising was conducted at.