PERTH (miningweekly.com) – Junior explorer Corazon Mining has welcomed a new cornerstone investor in Hanking Australia Investment, which has taken a A$1.68-million stake in the ASX-listed company.
Corazon on Friday announced that it will raise some A$1.8-million through the placement of around 127.4-million shares, priced at 1.4c each. The shares will be placed under Corazon’s current capacity.
As part of the placement, Hanking will subscribe for 120-million shares for a total investment of A$1.68-million, resulting in the company holding an 11.55% share in Corazon.
Hanking will also be issued with 85-million options, convertible into Corazon shares at a price of 3c each, and exercisable within two years from the date of issue.
Corazon told shareholders that the proceeds from the placement will be used to fund ongoing exploration at the Mt Gilmore project, in New South Wales, with work to include drilling and detailed metallurgical test work with a focus on producing battery-grade cobalt.