Exploration company Coppermoly (ASX:COY) has completed an $845,920 share placement to advance work across its Queensland copper and gold exploration projects.
The company says it will raise the funds through the issue of 105,740,000 fully paid ordinary shares at $0.008 per share to raise.
All new shares will be issued under the company’s existing placement capacity, and Coppermoly says at the completion of the placement, investment firm Hongkong Ausino Investment will become a substantial shareholder in Coppermoly, owning 19.95%
Commenting on the placement, the owner of Hongkong Ausino Investment, Fu Minlu, says: “I am happy to be 1 of the major shareholders of Coppermoly. My company is also a major shareholder of other Australian listed companies, such as Tietto Minerals Limited (ASX:TIE), LCL (ASX:LCL), and Aldoro Resources Limited (ASX:ARN).
“Our recently established geophysical exploration company is based in Perth and can provide advanced geophysical exploration technology to Coppermoly immediately”
Our recently established geophysical exploration company is based in Perth and can provide advanced geophysical exploration technology to Coppermoly immediately.”
Coppermoly Managing Director Wanfu Huang says: “Dr Fu was trained under Dr Roy Woodall at WMC and subsequently applied his geophysical training to the discovery of 3 large copper-gold mines in Xingjiang and Tibet, in 2 of which he retains substantial ownership interests.
Coppermoly is delighted that Dr Fu and his geophysical team will be immediately available to the company as we advance the exploration program in the highly prospective terrain, the East Successions of Mt Isa Inlier, Northwest Queensland.”
Coppermoly is an ASX-listed mineral exploration and resource development company. Alongside its Queensland assets, the company is steadily advancing its portfolio of copper and gold projects in the South West Pacific nation of Papua New Guinea.
Write to Aaliyah Rogan at Mining.com.au
Images: Coppermoly Ltd
