Codrus Minerals Secures Funds for Karloning Project Expansion

Codrus Minerals Limited (ASX: CDR) has successfully secured AU$0.92 million through a robust equity placement, further bolstering its financial position alongside existing cash reserves of AU$1.8 million as of June 2023. The placement garnered substantial support from new high-quality sophisticated investors, underscoring confidence in Codrus' Karloning Rare Earth Element (REE) Project and forthcoming initiatives. The increased capital will enable Codrus to advance its exploration endeavors, which include conducting an airborne EM survey over the broader Karloning tenure to identify zones of clay development above promising granite source rocks.

This will be followed by targeted Air Core drilling to define the project's scale, progressing it towards Exploration Target status. Additionally, the funds will facilitate soil and rock chip sampling for drill targeting at the Middle Creek Gold Project in Western Australia, along with addressing general working capital needs. The placement involves the issuance of 11,460,000 fully paid ordinary shares at 8 cents per share, accompanied by listed CDRO options. These new shares will rank equally with existing shares and are expected to be allotted and traded on September 29, 2023. Directors have also committed to purchasing additional shares, subject to shareholder approval at the Annual General Meeting.

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