© Edhardream Megapixl.com
- Corazon has secured firm commitments worth A$2 million from professional, institutional and sophisticated investors.
- The funds raised will be channeled towards the drilling programs at the Lynn Lake project and Mt Gilmore. Additional funds would be used for working capital purposes.
- A drilling program at the Lynn Lake project is already underway while the maiden drilling campaign at Mt Gilmore is anticipated to commence as soon as the drilling rig becomes available.
On 24 February 2021, Battery metals explorer, Corazon Mining Ltd. (ASX:CZN) announced that it secured firm commitments worth around A$2 million via equity placement from professional, institutional and sophisticated investors.
A$2 million Equity Placement Program
The Placement includes the issuance of up to 40,385,738 fully paid ordinary shares at A$0.05 a share. A total of up to 24,141,443 shares will be issued as per Corazon’s placement capacity under ASX listing rule 7.1, and another 16,244,295 shares will be issued under the ASX Listing Rule 7.1A.
The placement shares are anticipated to be issued on 2 March 2021, Tuesday.
PAC Partners will be the lead manager for the Placement and will be paid a commission of 6% on the funds raised, subject to the approval of the shareholder. The equity placement will include 4 million unlisted options, which can be exercised at A$0.1 each on or before 3 years of its issuance.
The capital raised would be utilised towards Corazon’s drilling activities at the priority targets at the Lynn Lake Ni-Cu-Co Sulphide Project in Canada and the maiden drilling campaign at the Mt Gilmore Cu-Co-Au project in NSW. Additional funds would be used for working capital purposes.
Source: Corazon Mining ASX Update 24 February 2021
User Proceeds of the Placement
Lynn Lake Nickel-Copper-Cobalt Sulphide Project, Canada
The drilling campaign is already underway at the Lynn Lake project. The ongoing program will test the delineated high-priority geophysical conductor targets, immediately west of the Fraser Lake Complex (FLC), where Corazon had identified extensive disseminated nickel copper cobalt sulphide mineralisation.
The six priority targets have been located in the large area of conductance, west of the main FLC intrusion. The drilling phase will target the three highest priority targets and will comprise of ~1,600m of core drilling. Subsequent drilling will be planned based on the results of the current drilling program.
The outcomes of the drilling program may include, if appropriate, the definitive visual evidence of substantial sulphide mineralisation.
Mt Gilmore Copper-Cobalt-Gold Project, New South Wales
Corazon is planning to undertake the maiden drilling program at Mt Gilmore to test the large regional, copper-cobalt-silver-gold surface geochemical anomaly. The priority target at Mt Gilmore includes coincident geochemical/geophysical anomaly which is adjacent to the already known mineralised (copper) porphyry.
The drilling program at Mt Gilmore will commence once the drill rig is available, and all permissions for the exploration program have already been received.
Listen to our latest virtual meet with Mr. Brett Smith- Managing Director of Corazon Mining Ltd.
On 24 February 2021 Corazon traded at A$0.062 a share, up 8.7% with a market capitalization of A$9.27 million.
All financial information pertains to Australian Dollar unless stated otherwise.