- Base metals explorer Corazon Mining (CZN) has received firm commitments to raise $2 million through a placement
- Approximately 40.3 million shares will be issued to sophisticated and professional investors at 5 cents per share
- Corazon will use the money for drilling at the Lynn Lake Project in Canada, where it’s testing multiple geophysical conductors
- The funds will also support a maiden drilling program at the Mt Gilmore Project in New South Wales
- New shares under the placement are expected to be issued on Tuesday, March 2
- Corazon ended the day 8.77 per cent in the green with shares closing at 6.2 cents
Corazon Mining (CZN) has received firm commitments to raise $2 million through a placement.
Up to 40,385,738 shares will be issued to sophisticated and professional investors at a price of 5 cents per share.
PAC Partners acted as lead manager to the placement and will be paid a 6 per cent commission on the money raised. Subject to shareholder approval, it may also receive four million options exercisable at 10 cents each within three years from the issue date.
Corazon will use the money to advance exploration at two base metal projects and for working capital.
Specifically, the ASX-listed miner will continue drilling at the Lynn Lake Project in Canada where it is testing up to six recently identified geophysical conductors.
Corazon will also begin a maiden drilling program at the Mt Gilmore Project in New South Wales to test a large copper-cobalt-silver-gold geochemical anomaly. This surface anomaly is located adjacent to a mineralisation porphyry discovered in October 2020.
“The targets on these projects are compelling and have the potential, via drilling, to deliver significant value for our shareholders,” Chairman Terry Streeter said.
New shares under the placement are expected to be issued on Tuesday, March 2.
Corazon ended the day 8.77 per cent in the green with shares closing at 6.2 cents.