UK-registered minerals exploration company Central Copper Resources (CCR) has successfully completed its $3-million capital raise ahead of launching its initial public offering (IPO), as well as the acquisition of Armada Minerals in Zambia.
The fundraise includes a $2-million investment from a TSX- and NYSE-listed investor.
CCR will now seek to finalise the necessary documentation ahead of its planned IPO next quarter.
The company has also completed the acquisition of Armada, which holds the Lunga project, in Zambia.
Lunga is situated in close proximity to the Chifumpa mine, which has a resource with a grade of over 4% copper.
Four priority target areas at Lunga have been identified for an initial drilling campaign, including two drill-ready targets that are expected to be amenable to openpit development.
A portion of the proceeds from the IPO will be directed towards Lunga to advance this highly-prospective licence.
This funding will allow the company to advance operational activities at all assets while completing its IPO on the Aim, CEO Kevin van Wouw says.
CCR says Armada will be an important addition to its portfolio. “Its Zambian assets are expected to complement our assets in the Democratic Republic of Congo,” he enthuses.
He points out that the company is undertaking confirmatory work at these assets, after having completed a prefeasibility engineering portion of a study at the Mbamba Kilenda project.
“CCR can now start to accelerate its development and exploration operations across its two assets with the goal of becoming a new prominent copper mining developer and producer in Africa,” acclaims Van Wouw.