Coda Minerals Limited (ASX: COD) has received firm commitments for a placement to raise approximately A$3.85 million before costs.
The Placement, managed by CPS Capital Group, was very well supported with bids received exceeding the targeted amount.
The proceeds of the Placement, together with the company’s existing cash reserves, will be used to fast-track ongoing study work at the 100%-owned Elizabeth Creek Copper Project in South Australia while also providing additional working capital to advance critical path study work and permitting in 2023.
“We are very pleased to have completed such a strongly supported capital raising, particularly against the backdrop of what has been a volatile and uncertain period in global capital markets,” Chairman, Keith Jones, said.
“I would like to acknowledge the continued support of our existing shareholders and to welcome a number of new investors to the Coda register.
“This raise puts Coda in an exceptionally strong position as we prepare to deliver the Emmie Bluff Copper-Cobalt Scoping Study. With studies now entering advanced stages, these funds will allow us to continue work at pace through the Christmas and New Year period while continuing to progress critical path items and key permitting activities after the scoping study has been delivered.
“Although this has been a challenging period in the market, we continue to see enormous upside in copper as the world continues its inexorable progress towards electrification and energy storage. With significant copper-cobalt Resources at Elizabeth Creek, and a rapidly advancing project, we believe that Coda’s shareholders will be well placed to benefit from this transition.”
Investors under the Placement are sophisticated and professional investors identified by the lead manager, CPS Capital Group, and include the directors of the company.
For further information please visit: https://www.codaminerals.com/
