PriceSensitive

Corazon Mining (ASX:CZN) to raise $2.6m for Nickel exploration

Materials
ASX:CZN      MCAP $5.54M
15 September 2021 09:26 (AEST)

Exploration in progress. Source: Corazon Mining

Corazon Mining (CZN) is looking to raise $2.6 million to advance nickel exploration at its projects in Canada and Western Australia.

The company said it had received firm commitments from sophisticated, professional and institutional investors for a placement of more than 82 million shares at 3.2 cents each through two tranches.

The first tranche includes 50.7 million shares issued on or about September 22. The second tranche of 31.2 million shares is subject to shareholder approval which the company hopes to obtain at a general meeting of shareholders scheduled for October.

CZN plans to put the money towards the drilling of large off-hole EM conductors generated from drilling this earlier year at the Lynn Lake Nickel Sulphide Project in Canada, with work scheduled to commence this month.

Additionally, the money will fund the completion of due dilligence on the Miriam Nickel Sulphide Project in Western Australia.

As announced in July, the company has entered an option agreement, pursuant to which it has been granted an exclusive option to acquire the Miriam Project near Coolgardie in Western Australia’s Goldfields minerals district.

CZN sees the Miriam project as a strategic opportunity to expand its portfolio of nickel sulphide assets, as the demand for nickel for the rechargeable battery sector increases.

Corazon’s Chairman, Terry Streeter said the company was delighted by the high level of support received for the placement. He said it provided “strong validation” for the “quality and potential” of CZN’s nickel assets.

Shares closed flat at 3.8 cents apiece.

Related News