- Cooper Metals (CPM) strikes an agreement to acquire an additional tenement in the Mt Isa Inlier, Queensland
- As part of the consideration, Cooper Metals will pay Ardmore Resources $100,000 in cash and $150,000 in CPM shares
- CPM has raised $2.55 million through a placement to fund exploration at its Mt Isa project, including drill programs, acquiring new tenements, and working capital
- It will issue 5.67 million new shares at 45 cents each, representing a 1.1 per cent discount to the last closing price
- Shares are trading 5.49 per cent higher at 48 cents as of 12:31 pm AEST
Cooper Metals (CPM) has struck an agreement to acquire an additional tenement in the Mt Isa Inlier, Queensland.
The new tenement provides the company with exposure to the Fountain Range fault and is located adjacent to a tenement it already holds.
As part of the consideration, Cooper Metals will pay Ardmore Resources $100,000 in cash and $150,000 in CPM shares.
Upon completion of the acquisition, Cooper will hold over 1600 square kilometres of tenure in the Mt Isa Inlier.
The company has mapped out areas for immediate exploration follow-up, including two known historical copper mines and historical rock chip samples.
CPM has raised $2.55 million through a placement to fund exploration at its Mt Isa copper-gold project in Queensland.
The money will be directed towards accelerating drill programs, acquiring new tenements in the region, exploration activities, and working capital.
The company will issue 5.67 million new shares at 45 cents each, representing a 1.1 per cent discount to the last closing price.
Shares were trading 5.49 per cent higher at 48 cents at 12:31 pm AEST.