Cobre completes AU$7.0 million placement to capitalise on early exploration success in Botswana

Cobre Limited (ASX: CBE) announced that it had successfully completed a placement to institutional and sophisticated investors to raise AU$7.0 million. The placement will be undertaken in two tranches. The company will issue 18,651,224 new shares in the first tranche, for which shareholder approval is not required. It will issue approx. 9.8 million new ordinary shares to MTR at a price of AU$0.15 per share under the second tranche of the placement. However, it is conditional upon shareholder approval which the company will seek to obtain at a shareholders’ meeting later this year.

The issue price represents a 16.7 % discount to the close price of AU$0.18 on 2 August 2022 and a 5.7% discount to the 15- day VWAP of $0.159. The fund raised via the placement will be used to fast-track exploration of the tenement package held by Kalahari Metals Limited in Botswana.

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