04 Mar ABN Newswire, Cobre Limited (ASX:CBE) Completion of $4m Placement to Accelerate Botswana Project
Cobre Limited (ASX:CBE) is pleased to announce that the Company has received firm commitments from institutional, sophisticated and professional investors for the placement of approximately 76.9 million new fully paid ordinary shares (New Shares) at an issue price of $5.2c per New Share to raise gross proceeds of A$4.0 million (Placement). The Placement comprises two tranches:
- Tranche 1 to raise A$2.3 million via the issue of 43.7 million New Shares utilising the Company’s existing placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A.
- Tranche 2 to raise approximately A$1.7 million via the issue of approximately 33.2 million New Shares subject to shareholder approval to be sought at an Extraordinary General Meeting (EGM) of the Company expected to be held in April 2024 (Tranche 2).
Proceeds from the Placement, together with existing cash, will be used to accelerate exploration on the Company’s tenement holding in the Kalahari Copper Belt in Botswana.
Commenting on the success and level of interest in the Placement, Martin Holland, Cobre’s Executive Chairman, said:
“The Cobre team is pleased to have secured additional funds which will be strategically used to accelerate exploration on the Company’s tenement holding in the Kalahari Copper Belt in Botswana.
With the recent positive hydrogeological results from the Ngami Copper Project as well as the new intersection encountered when drilling the PW001 production well, there is strong reason for the Board to believe that there is significant value to be unlocked on the Company’s Botswanan projects.
I would like to thank all existing and new shareholders who participated in the Placement for supporting the Board’s strategy to fast track exploration and development in this highly prospective region of southern Africa.”
Read the article: https://www.abnnewswire.net/press/en/123896/Cobre-Limited-(ASX-CBE)-Completion-of-$4m-Placement-to-Accelerate-Botswana-Projects.html