Kobrea Exploration (CSE:KBX) has raised C$8.5 million ($9.22 million) on the close of its private placement to fund drilling and exploration costs across the company’s assets in the Mendoza province of Argentina.
The company will issue 7.75 million units under the brokered offering to raise C$3.88 million, and another 9.25 million units under the non-brokered offering for the remaining C$4.62 million.
All units issued under this equity raising have an issue price of C$0.50.
As previously reported by Mining.com.au, the company engaged Kernaghan & Partners as the lead agent and sole bookrunner on behalf of a syndicate of agents including Beacon Securities and Red Cloud Securities.
In the Mendoza province, Kobrea has the option to earn 100% interest in the Western Malargüe Copper Project, comprising 73,334 hectares with more than 12 porphyry copper and copper-gold prospects.
Kobrea Exploration is a mineral explorer focused on acquiring and developing base metal projects in Argentina and Canada.
Write to Maddison Elliott at Mining.com.au
Images: Kobrea Exploration
