- Coda Minerals (COD) has raised an additional $14.4 million through a share placement, with the extra funds to be spent on the Emmie Bluff deposit
- Under the raise, 12 million COD shares will be issued at a price of $1.20 per share — a 4.1 per cent discount to the five-day volume-weighted average price (VWAP)
- COD announced the full details of the successful raise earlier this week, after placing its shares in a trading halt on June 17
- It’ll use the funds to help create a maiden mineral resource estimate (MRE) at Emmie, which forms part of the wider Elizabeth Creek Project
- COD shares are down 2.63 per cent at $1.48 per share
Coda Minerals (COD) has raised an additional $14.4 million through a share placement, with the extra funds to be spent on its Emmie Bluff deposit.
The advanced exploration business announced the successful capital raise earlier this week, after placing its shares in a trading halt on June 17.
Under the placement, COD said 12 million shares will be issued at a price of $1.20 per share — a 4.1 per cent discount to the five-day volume-weighted average price (VWAP) and a 3.7 per cent discount to the 10-day VWAP.
The raise was managed by CPS Capital, and Coda noted there was significant interest in the placement, which closed oversubscribed.
“The very high level of interest from investors has translated into a strongly supported $14.4 million placement which has really set the company up for success,” Chairman Keith Jones said.
Mr Jones also explained the funds from the raise will help advance a maiden mineral resource estimate (MRE) being created for Emmie.
The copper cobalt deposit forms part of COD’s wider Elizabeth Creek Project in South Australia’s Olympic Copper Province — which the company has a 70 per cent stake in.
“The proceeds will boost our total cash to $21.5 million, allowing us to progress an ambitious work program including a comprehensive program of deep holes at Emmie Bluff Deeps, resource drilling at the Emmie Bluff copper-cobalt deposit plus an aggressive regional exploration program,” Mr Jones said.
Coda Minerals shares were trading down 2.63 per cent at $1.48 per share at 11:43 am AEST on Thursday, June 24.