- Cohiba Minerals (CHK) has advised shareholders it’s planning to close its share purchase plan (SPP) early after it received strong interest in its capital raise
- The company first announced the $2 million SPP in late November, with new shares priced at 1.7 cents each
- All of the funds raised via the plan will go towards exploration work at Cohiba’s assets in South Australia and Western Australia
- The new closing date for the SPP is Tuesday, December 15, with the shares to be issued on Friday, December 18
- Shares in Cohiba are trading grey at 2.2 cents each
Cohiba Minerals (CHK) has advised shareholders it’s planning to close its recently announced share purchase plan (SPP) early.
The decision comes after the company received strong interest in the capital raise, with Cohiba deciding to close the SPP early to avoid oversubscriptions.
The new closing date for the fundraise is Tuesday, December 15, with the shares to be issued on Friday, December 18.
CHK first announced its plan to tap investors for an additional $2 million in capital through the SPP in late November.
Under the plan, new shares were priced at 1.7 cents each and shareholders were able to subscribe for $30,000 worth of new shares.
Cohiba stated all of the funds raised via the SPP would go towards exploration work at Cohiba’s assets in South Australia and Western Australia.
Specifically, the company wants to extend the programs of work at Horse Well and Pernatty C prospects, which form part of the larger Olympic Domain copper-gold project.
In addition to this, it’ll use the money to investigate some new iron-oxide-copper-gold (IOCG) targets at Lake Torrens, another area within the project in South Australia.
Finally, the funds will also go towards finalising the mining lease for its Pyramid Lake Gypsum Project, which is located in Western Australia.
Shares in Cohiba Minerals are currently trading grey at 2.2 cents each at 12:12 pm AEDT.