Cobre (ASX:CBE) is raising $60 million to acquire a 51% stake in the Sierra Atacama Copper Project in Chile through a binding agreement with Chilean-based Minera Salar Blanco.
The company will issue 400 million shares at $0.15 per share, also proposing to issue up to 56 million performance rights to Cobre directors and key contractors.
Tribeca Investment Partners is cornerstoning the placement. Tribeca is an existing major shareholder in the company.
The placement comprises 49 million shares in tranche one for the first $7.4 million, followed by 351 million shares in tranche two after receiving shareholder approval at a general meeting in April 2026.
The issue price represents a 6.3% discount to the last closing price.
Proceeds raised will be used to fund the earn-in and acquisition.
Cobre will fund US$10 million ($14.05 million) for an initial 20% stake in the asset, paid over two tranches. The company will be required to pay US$3 million by 13 February 2026 and the remaining balance to be paid within 8 weeks after executing documentation.
The company may then fund an additional US$10 million within one year to earn a further 20%, as well as acquiring the remaining 11% for US$10 million.
Write to Maddison Elliott at Mining.com.au
Images: Cobre
