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Cobre, a junior copper and base metals explorer, has raised A$6.7 million to help finance exploration costs at its Botswana joint venture with Metal Tiger.
The ASX-listed company raised an initial A$5.3 million through a 17c-per-share first tranche share placement.
In the first tranche, the company’s existing placement capacity was used to position over 18.5 million shares.
A second tranche placement would be made to JV partner and shareholder Metal Tiger, to raise a further A$1.4-million, subject to shareholder approval. The second tranche placement of more than 8.3-million shares would allow Metal Tiger to retain its 21% interest in Cobre.
The placement price represented a 12.8% discount to Cobre’s last closing price and a 16.8% discount to the company’s five-day volume-weighted average share price.
Cobre holds a 51% stake in exploration vehicle Kalahari Metals (KML), which controls some 8 100 km2 of tenements within the Kalahari copper belt, in Botswana. The tenement holdings are in close proximity to ASX-listed Sandfire’s T3 and A4 copper deposits.
