Xanadu Mines (ASX:XAM) eyes $10M placement for Kharmagtai Source: International Mining And Resources Conference [YouTube] SubscribeBe the first with the news that moves the market Xanadu Mines (XAM) has received firm commitments to undertake a $10.2 million placement Roughly 163.8 million fully paid ordinary shares will be issued to professional and sophisticated investors at 6.2 cents This price represents a 15.1 per cent discount to Xanadu's last close of 7.3 cents on April 20 Xanadu will use the funds to undertake phase two exploration at the Kharmagtai Project in the South Gobi region of Mongolia Shares in Xanadu are down 11 per cent and are trading at 6.5 cents