Coda Minerals raises AU$2.77 million via placement

Coda Minerals Limited (ASX: COD) announced that it has received firm commitments to raise approximately AU$2.77 million under a placement to professional, sophisticated, and senior manager investors. The commitments comprise 30,727,000 new fully paid ordinary shares at AU$0.09 per Share.

The proceeds of the Placement, together with the company’s existing cash reserves, will be used for exploration planned to expand the currently known resource base at Elizabeth Creek as well as to progress ongoing optimisation work. This work has the potential to support further updates to the 100%-owned Elizabeth Creek Copper Project in South Australia, while also providing additional working capital to advance commercialization opportunities and funding options designed to allow Coda to execute on its plans to advance the project through and beyond PFS.

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