Cohiba Minerals (ASX:CHK) is conducting a $1.5 million placement from professional and sophisticated investors to fund exploration activities for its Australian and Canadian projects.
The proceeds will also be put towards the company’s working campaign and due diligence activities on new potential acquisitions.
Under the placement plan, the company will issue 1.25 billion fully paid ordinary shares at $0.0012 in two tranches.
Tranche one includes the issue of about 316.9 million shares, and the remaining 933 million shares will be issued through tranche two, subject to shareholder approval at an extraordinary general meeting in January 2024.
Boutique investor relations and corporate communications group Phoenix Global Investments acted as Lead Manager on the placement and will receive a 6% fee of the amount raised.
Further, as part of a consulting agreement with Phoenix, Cohiba has agreed to issue 125 million ordinary fully paid shares to Phoenix also at $0.0012 per share, subject to shareholder approval.
Cohiba Minerals is an Australian-focused copper-gold explorer with assets in South Australia, Western Australia, and Queensland.
The company’s portfolio of projects include the Olympic Domain, Pyramid Lake, and Wee Macgregor projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Cohiba Minerals
