Kobrea Exploration (CSE:KBX) is running a private placement to raise C$5 million ($5.46 million) to fund drilling and exploration in the Mendoza province of Argentina.
The company will issue 10 million units at a price of C$0.50 per unit, with each unit comprising one share and one-half purchase warrant.
Warrant holders will be entitled to purchase an additional share at a price of C$0.75 for a two year period.
Warrants are not eligible to be exercised for 60 days from the issue date.
Kernaghan & Partners is acting as the lead agent and sole bookrunner on behalf of a syndicate of agents, including Beacon Securities and Red Cloud Securities.
Kobrea will seek to further streamline exploration across its Western Malargüe Copper Project, located in the Mendoza province.
The company is currently under option to retain whole ownership over the project which spans 73,334 hectares for 12 porphyry copper and porphyry copper-gold prospects.
Kobrea Exploration is a mineral explorer focused on acquiring and developing base metals projects in Argentina and Canada.
Write to Maddison Elliott at Mining.com.au
Images: Kobrea Exploration
