Corazon Mining raising up to $1.679 million to fund ongoing exploration at Lynn Lake Mining Centre

By Deputy Chief EditorJuly 1, 2020

134 1 minute read

Corazon Mining Ltd (ASX:CZN) is raising up to A$1.678 million to fund ongoing exploration at the Lynn Lake Nickel-Copper-Cobalt-Sulphide Project in Manitoba, Canada.

The company has received firm commitments from sophisticated and professional investors for a placement of up to 356.984 million fully paid shares at an issue price of 0.2 cents per share to raise around A$714,000.

Corazon will also undertake a pro-rata non-renounceable entitlement offer to raise up to A$964,000 through the issue of around 481.9 million shares at an issue price of 0.2 cents per share.

“Highly exciting” discovery opportunity[hhmc]

Chairman Terry Streeter said: “The companys ongoing focus on the Lynn Lake project has continued to reap benefits with our recent targeted drilling programs delivering multiple high-grade nickel sulphide intersections, further adding to the expansion potential of the already substantial resource base delineated.

“The current phase of exploration drilling at Fraser Lake represents a highly exciting exploration and discovery opportunity and is testing new large geophysical anomalies in an area that we know is extensively mineralised.”

Placement details[hhmc]

Participants in the placement will also be issued one attaching option for every one share subscribed for and exercisable at 0.35 cents each on or before June 30 subject to shareholder approval.

The placement shares are intended to be issued on Friday, July 10, under the companys existing placement capacity under ASX Listing Rule 7.1.

Corazon will seek shareholder approval at a general meeting to be held on or around August 2020 to issue the attaching options to participants in the placement.