PERTH (miningweekly.com) – Junior Coppermoly has placed more than 404.1-million shares to Chinese investor Shanghai Fuyuan Investment Company (SFIL), raising A$6-million in the process.
The share placement, which was priced at 1.5c a share, will result in SFIL holding a 19% interest in Coppermoly.
“SFIL’s commitment to this placement at a substantial premium reflects the excellent progress that Coppermoly has made over recent months in the development of its highly prospective portfolio of Papua New Guinea copper/gold exploration projects,” said Coppermoly MD Wanfu Huang.
“The most recent drilling campaign at Mt Nakru delivered excellent results, resulting in the declaration of a maiden indicated Joint Ore Reserves Committee-compliant resource. The Mt Nakru deposits are open in multiple directions and the funds raised under the placement will enable us to undertake further drilling to expand the size and quality of the Mt Nakru deposits and to undertake scoping, potentially feasibility, studies.”
Funds will also be used for working capital, Huang said.