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Cobra making powerful placement

24 October 2022 12:26
LSE: COBR

Cobra Resources are looking to speed up the drilling and development of rare earth and gold-focused projects across South Australia with a placement on the London Stock Exchange to be worth close to 1,300,000 pounds.

The placement is expected to kick off on the 26th, as Big Ben marks eight in the London morning and the release of over 86 million shares at a price of 1.5 pence per placing share.

Funds will be funneled to a number of Cobra projects, including rare earth element expansion drilling at the Wudinna project where the company is planning a 10,000-metre program to double the footprint of known rare earth mineralisation.

Proceeds will also go towards resource definition drilling, mineral speciation and recovery test work, re-negotiation of Native Title Agreements and advancement for a number of gold, rare earth and IOCG targets.

With drilling already begun at Wudinna’s Clarke prospect, the company said funds will allow them to keep up the year’s momentum and remain focused on an exceptional opportunity to develop a unique multi-mineral resource in a tier-1 jurisdiction.

“Since Cobra’s re-listing in 2019, the Company has made notable exploration progress. During the first half of this year, Cobra defined significant gold mineralisation outside the Company’s existing mineral resource and a province scale clay hosted rare earth opportunity, whilst expanding its land holding in the world-class Gawler Craton,” chairman Greg Hancock said.

“Funds being raised through this Placing will enable us to fast-track our rare earth resource growth and continue to advance our existing gold mineral resource through strategic exploration work, which should generate significant shareholder value. This is an exciting time for Cobra and its shareholders.”

All Cobra directors along with substantial shareholders have subscribed for shares at the placing price.

COBR’s London Stock Exchange-listed share price was trading at 1.54 British Pence today (10.55 am UTC+ 8 hours).

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