04 Mar Proactive, Cobre secures A$4 million to accelerate Kalahari Copper Belt exploration
Cobre Ltd (ASX:CBE) has secured A$4 million in a placement, saying it has garnered robust support from new and existing shareholders, including high-calibre institutional investors both domestically and internationally.
The company’s plan for this cash boost is to channel it into expediting the exploration and development of its projects within the Kalahari Copper Belt in Botswana.
Significant investment
The placement attracted significant investment from Strata Investment Holdings PLC, Cobre’s principal shareholder, and various company directors, who contributed $800,000 and $675,000 respectively.
These commitments are pending shareholder approval, which will be sought at an upcoming extraordinary general meeting (EGM).
Mitchell Drilling Botswana and Remote Exploration Services, key partners in Cobre’s drilling and exploration activities, also participated with an A$100,000 investment each, which speaks to the collaborative approach towards advancing the project.
Cobre announced the issuance of around 76.9 million new fully paid ordinary shares at 5.2 cents per share, arranged into two tranches.
The first tranche will raise $2.3 million through 43.7 million new shares, leveraging the company’s existing placement capacity.
The second tranche, subject to shareholder approval at the forthcoming EGM, is expected to generate an additional $1.7 million from some 33.2 million new shares.
Read the article: https://www.proactiveinvestors.com.au/companies/news/1042239/cobre-secures-a-4-million-to-accelerate-kalahari-copper-belt-exploration-1042239.html