Listed copper explorer Cobre has returned from a trip to the equity capital markets with $5 million, with Sprott Asset Management and its two largest shareholders all writing cheques.
has returned from a trip to the equity capital markets with $5 million in fresh funds, including cheques from Sprott Asset Management and its two largest shareholders.Cobre’s ask, put to investors via Canaccord Genuity, was for $5 million at 15¢ a share. The offer price was an 11.8 per cent discount to the last close and 28.3 per cent lower than the 10-day volume weighted average price.
Canadian resources investor Sprott Asset Management tipped in nearly $2 million, followed by $1 million from Cobre’s largest shareholder Metal Tiger Plc and $300,000 from its second-largest shareholder Commodity Discovery Fund. Cobre also allocated $US400,000 and $US70,000 worth of shares to its drilling services vendor Mitchell Drilling Botswana and to its exploration services provider Remote Exploration Services respectively. Their investments were at offer price but structured as scrip-for-service.
Cobre’s got another $1 million on the way if its share purchase plan gets fully taken up. In all, it expected to have $6.7 million from the raising, to stand alongside its $4 million in cash at bank.The company was co-founded by Martin Holland, who’s previously founded and led ASX-listed Lithium Power International, which had a $178 million market capitalisation at Monday’s close.
Cobre’s got three exploration projects: Botswana-based copper, silver Kalahari Metals, Perrinvale in WA and an 18.5 per cent investment in
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