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

The company’s recent exploration work in Canada has refined targeting methodologies and these new processes can be easily and quickly applied regionally in the exploration for new deposits.

Corazon Mining to raise up to $1.679 million funding ongoing exploration at Lynn Lake Mining Centre
Lynn Lake region exploration is focused on targeting new nickel-copper-cobalt sulphide discoveries at nearby Fraser Lake

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

Chairman Terry Streeter said: “The company’s 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

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 company’s 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.

Entitlement offer

Participants in the placement will not be eligible to participate in the entitlement offer, except to the extent they are existing eligible shareholders, in which case they can participate to their relevant pro-rata amount.

The company reserves the right to place any shortfall arising from the entitlement offer.

New shares issued under the entitlement offer will be listed on ASX and will rank pari-passu with the existing fully paid ordinary shares in the company.

Corazon anticipates that a prospectus will be lodged in respect of the entitlement offer on Friday, July 3.

Funds raised will be used to progress exploration activities at the Lynn Lake Project and Mt Gilmore Project, for working capital and costs of the placement and entitlement offer.

Quick facts: Corazon Mining Ltd

Price: 0.0025 AUD

ASX:CZN
Market: ASX
Market Cap: $6.23 m
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Corazon Mining's Brett Smith talks 'spectacular high-grade results' at Lynn Lake

Corazon Mining Ltd's (ASX:CZN) Brett Smith speaks to Proactive's Andrew Scott after reporting high-grade assays from its latest phase of drilling at the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba province, Canada. He says the programme was successful in defining additional...

on 5/5/20

2 min read