Cobre Limited announces a placement and share purchase plan

Cobre Limited (ASX: CBE) announced that it had received firm commitments from institutional, sophisticated, and professional investors to raise AU$5.0 million via placement. The placement comprise the issue of approx. 33.3 million new fully paid ordinary shares at AU$0.15 per new share. The issue price denotes an 11.8% discount to the last traded price, an 18.6% discount to the 5-day VWAP price and a 28.3% discount to the 10-day VWAP price.

Proceeds from the placement will increase the exploration activities at the company’s tenement holding in the Kalahari Copper Belt in Botswana. In addition with the placement, the company has also announced a share purchase program eligible existing shareholders on the same terms as placement to raise up to an additional AU$1.0 million.

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