Cobre to Raise Nearly AU$5 Million via Placement

MT Newswires Live11-04 11:51

Copper explorer Cobre (ASX:CBE) is set to raise AU$4.6 million via the placement of 71.4 million shares priced at AU$0.065 apiece, according to a Friday filing with the Australian Securities Exchange.

In tranche one, 59.1 million shares will be issued, while the remaining 12.3 million shares will be issued in tranche two, subject to shareholder approval, the filing said.

Participants are entitled free attaching option for every two new shares, exercisable at AU$0.098 apiece and expiring 18 months upon issue, pending shareholder approval.

Proceeds will be used for advancing exploration on the company's Ngami and Okavango projects in Botswana and the High Purity Quartz project in Western Australia, according to the filing.

Canaccord Genuity and CPS Capital Group were the joint lead managers and joint bookrunners for the placement.

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