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- Coziron Resources (CZR) has received firm commitments from retail and institutional investors to undertake a $5 million placement
- More than 358 million shares will be issued at a price of 1.2 cents each
- Additionally, as part of the placement, major shareholder Mark Creasy agreed to subscribe for $500,000 worth of shares
- Coziron will use the money from the placement to fund exploration at its Croydon Gold Project and Top Camp prospect in Western Australia
- Money will also be used for the company’s West Pilbara iron ore projects, administration and offer costs, and general working capital
- Coziron has ended the day 6.67 per cent in the green with shares trading for 1.6 cents each
Coziron Resources (CZR) has received firm commitments from retail and institutional investors to undertake a $5 million placement.
The placement will be completed in two phases with phase one issuing 358,166,667 shares at a price of 1.2 cents to raise $4.3 million.
The remaining $700,000 will be raised through the issue of 58.5 million shares, however, this is subject to shareholder approval.
Additionally, as part of the placement, major shareholder Mark Creasy agreed to subscribe for $500,000 worth of shares.
Coziron will use the money from the placement to fund exploration at its Croydon Gold Project and Top Camp prospect in Western Australia.
A drilling program between 3000 metres and 5000 metres will begin shortly at the project to follow up on recent reverse circulation and diamond drilling programs.
These previous programs returned results grading up to 10.2g/t gold.
Simultaneously, Coziron is undertaking a strategic review of its West Pilbara iron ore projects to keep them in good shape.
Money will also be used for administration and offer costs, and general working capital.
“We are going to invest these proceeds in drilling to extend the know mineralisation below the established surface gold anomalism, which measure 1.5 kilometres by 400 metres,” Managing Director Rob Ramsay said.
“And we are going to test new prospects that are supported by undrilled historical workings, rock chip sampling and other targets highlighted by soil sampling,” he added.
Coziron has ended the day 6.67 per cent in the green with shares trading for 1.6 cents each in a $35.79 million market cap.
