Cooper Metals (ASX: CPM) raising capital to drill test copper-gold targets

August 03, 2023 02:10 PM AEST | By Sonal Goyal

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Cooper Metals (ASX: CPM) raising capital to drill test copper-gold targets — Image source: Company update

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Highlights

Cooper Metals seeks to raise AU$1.25 million through a placement and AU$0.75 million through a share purchase plan.

The placement has received strong support from existing and new Australian and international investors.

CPM will use the funds raised for progressing activities at the King Solomon Cu-Au prospect within the Mt Isa East project.

Cooper Metals Limited (ASX: CPM) eyes to raise AU$1.25 million via a share placement and AU$0.75 million via a share purchase plan (SPP). The company highlighted that the placement received support from existing and new Australian and international institutional and sophisticated investors.

Under the placement, the company seeks to issue 10 million new shares at AU$0.125 apiece. In addition to this, the participants will get one free-attaching option for every two shares subscribed for in the placement, subject to shareholders’ approval. The options issued will be exercisable at AU$0.25 and expire in three years from the date of issue.

The terms of the SPP and the placement are same.

The proceeds will be directed towards follow up diamond drilling at the King Solomon Cu-Au prospect and around 5,000m of RC drilling of untested targets at the Mt Isa East project.

Data source: Company update

CPM shares gain over 7%

CPM shares were spotted trading at AU$0.145 apiece at the time of writing on 3 August 2023, up more than 7.4% from the last close.

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