01 Nov Proactive – Cobre raises $4.6 million to accelerate exploration
Cobre Ltd (ASX:CBE) (ASX: CBE) has completed a A$4.6 million placement, with funds to be used towards its Ngami and Okavango projects in the Kalahari Copper Belt in Botswana and also the High Purity Quartz project in Western Australia.
The placement to institutional, sophisticated and professional investors was for around 71.4 million new fully paid ordinary shares at A$0.065 per share and will occur in two tranches:
- Tranche 1: Raising some A$3.8 million through the issue of 59.1 million new shares, using Cobre’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A.
- Tranche 2: Raising around A$0.8 million with the issue of 12.3 million new shares, pending shareholder approval at an Extraordinary General Meeting (EGM) expected in December 2024.
Article link: https://www.proactiveinvestors.com.au/companies/news/1059643/cobre-raises-4-6-million-to-accelerate-exploration-1059643.html