PERTH (miningweekly.com) – 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 in 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.
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.