C29 Metals (ASX:C29) has received commitments for a placement of 7 million fully paid ordinary shares at a price of $0.075 to raise $525,000.
Net proceeds will primarily be directed towards a maiden drill program of its Mayfield Project in Mt Isa, Queensland Australia, continued work on its NSW Sampsons Tank Copper Project, and its other projects and for funding working capital.
Under the small capital raising, the placement shares will rank equally with existing C29 ordinary shares quoted on the ASX and the issue of the shares is expected to be on or around 25 September 2023.
The placement pricing represents a 16.7% discount to the last traded price.
ARQ Capital has been engaged to act as lead manager to the placement.
C29 Metals is a new world metals explorer focused on copper-gold and lithium assets situated within tier-one mining regions with significant discoveries.
Write to Adam Orlando at Mining.com.au
Images: C29 Metals