- Conico (CNJ) has successfully completed its share placement and has raised more than $1.7 million
- All up, more than 59 million fully-paid ordinary shares were issued to sophisticated investors a 3 cents
- Participants also received one free attaching option for every two shares subscribed for, exercisable at 7 cents on or before January 20, 2024
- Additionally, Conico’s largest shareholder, Tasman Resources (TAS), subscribed for 25 million shares for a total of $750,000, however, this is subject to shareholder approval
- Upon shareholder approval, Conico will have raised more than $2.5 million and will use the funds to undertake further exploration at its Greenland prospects
- Shares in Conico has dropped 16.7 per cent on the market and are trading at 3 cents
Conico (CNJ) has successfully completed its share placement and has raised more than $1.7 million.
The company entered a trading halt on April 7 but did not disclose how much it intended to raise or what it would be using the funds for.
All up, 59,288,279 fully paid ordinary shares were issued to sophisticated investors at 3 cents.
Investors also received one free attaching option for every two shares subscribed for, exercisable at 7 cents on or before January 20, 2024.
Additionally, Conico’s largest shareholder, Tasman Resources (TAS), subscribed for 25 million shares for a total of $750,000.
This is subject to shareholder approval, which will be sought after at the general meeting scheduled for May.
Upon shareholder approval, Conico will have raised around $2.5 million and will use the funds to undertake further exploration at its Greenland prospects.
The company will carry out aeromagnetic radiometric surveys across the Ryberg and Mestersvig licences as well as complete 10,000 metres of diamond drilling at key prospects.
Conico will also further assess the Mt Thirsty Copper-Nickel Project, which it holds in joint venture with Barra Resources (BAR).
Shares in Conico has dropped 16.7 per cent on the market and are trading at 3 cents at 1:10 pm AEST.