Cobre raises cash for Botswana exploration

Junior copper and base metals explorer Cobre has raised A$6.7-million to fund exploration costs at its joint venture (JV) with Metal Tiger, in Botswana. The ASX-listed company raised an initial A$5.3-million under a first tranche share placement, priced at 17c a share.

More than 18.5-million shares were placed under the first tranche under the company’s existing placement capacity. A second tranche placement would be made to JV partner and shareholder Metal Tiger, to raise a further A$1.4-million, subject to shareholder approval. The second tranche placement of more than 8.3-million shares would allow Metal Tiger to retain its 21% interest in Cobre.pastedGraphic.png

The placement price represented a 12.8% discount to Cobre’s last closing price and a 16.8% discount to the company’s five-day volume-weighted average share price. Cobre holds a 51% stake in exploration vehicle Kalahari Metals (KML), which controls some 8 100 km2 of tenements within the Kalahari copper belt, in Botswana. The tenement holdings are in close proximity to ASX-listed Sandfire’s T3 and A4 copper deposits.


4 weeks ago

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