PERTH (miningweekly.com) – Explorer Coda Minerals will raise A$14.4-million to fast-track exploration at its copper/cobalt projects in South Australia.
Coda on Monday told shareholders that it had received firm commitments for the placement of 12-million shares, at a price of A$1.20 each.
The placement will be completed under the company’s existing placement capacity, and will not require shareholder approval.
“The very high level of interest from investors has translated into a strongly supported A$14.4-million placement which has really set the company up for success. The proceeds will boost our total cash to A$21.5-million, allowing us to progress an ambitious work programme, including a comprehensive programme of deep holes at Emmie Bluff Deeps, resource drilling at the Emmie Bluff copper/cobalt deposit, plus an aggressive regional exploration programme,” said Coda chairperson Keith Jones.