- Cobre (CBE) is looking to raise up to $6.7 million through a two-tranche placement
- The company raised $5.3 million through the first tranche from sophisticated and institutional investors at 17 cents per new share
- Subject to shareholder approval, Cobre will raise a further $1.4 million to its largest shareholder, Metal Tiger
- The money will be used for exploration in Botswana through Cobre and Metal Tiger’s joint venture company, Kalahari Metals
- Cobre ended the day in the grey with shares closing at 19.5 cents
Cobre (CBE) is looking to raise up to $6.7 million through a two-tranche placement.
The first tranche has raised $5.3 million to support exploration in Botswana under a joint venture with Metal Tiger through their U.K.-based joint venture company, Kalahari Metals (KML).
New shares will be issued at 17 cents per share to sophisticated and institutional investors. The issue price represents a 12.8 per cent discount to the last traded price and a 16.8 per cent discount to the five-day volume-weighted average price.
Subject to shareholder approval, Cobre will raise a further $1.4 million through the second-tranche placement to Metal Tiger, who is Cobre’s largest shareholder.
Cobre will issue over 8.3 million shares to Metal Tiger at 17 cents each.
“I thank existing top twenty shareholders for continued support through this capital raise and welcome new institutional and sophisticated investors to the company,” Executive Chairman and Managing Director Martin Holland said.
“KML, being a joint venture between Cobre and Metal Tiger plc, now has two well-funded owners capable of rapidly progressing exploration of its advanced copper-silver targets within the attractive portfolio of Kalahari Copper Belt tenements,” he added.
Cobre ended the day in the grey with shares closing at 19.5 cents.