Carnaby Resources Limited (ASX: CNB) has received firm commitments for a A$20 million non-underwritten placement of approximately 15.4 million new fully paid ordinary shares.
Highlights
• The Placement introduced a number of new institutional and sophisticated investors to the register, including an investment by OZ Exploration Pty. Ltd. (a wholly owned subsidiary of OZ Minerals Ltd).
• Proceeds from the Placement will primarily be used to accelerate exploration at Carnaby’s Nil Desperandum and Lady Fanny discoveries at the Greater Duchess Copper-Gold Project in Queensland, where greater than 20,000m of drilling and extensive geophysical surveys are underway.
• Carnaby recently intersected 41m @ 4.1% copper at the Greater Duchess Copper Gold Project in Mount Isa, Queensland
“We are very pleased to have received such overwhelming demand for the Placement and welcome a number of high quality institutional and sophisticated investors onto our share register,” Managing Director, Rob Watkins, said.
“We also welcome the support of OZ Minerals, whose investment is a further validation of the potential of the Nil Desperandum and Lady Fanny early-stage discoveries, as well as the wider Greater Duchess Copper Gold Project.
“The proceeds from this Placement puts us in a very strong position, with A$25.8 million of pro-forma cash 1 , to accelerate the drilling and exploration across the Greater Duchess Copper Gold Project and continue exploration at our West Australian based projects.”
Euroz Hartleys Limited and Macquarie Capital (Australia) Limited were the Joint Lead Managers and Bookrunners to the Placement.
For further information please visit: https://carnabyresources.com.au/
