Cobre Ltd Completes A$90M Capital Raise
Key points
- Successful A$90M placement supported by new and existing shareholders
- Funds to increase Sierra Atacama ownership, repay debt, and fund exploration
- Major shareholders Tribeca and Strata participated, subject to shareholder approval
- Placement conducted at a 9.1% discount to last closing price
Full summary
Cobre Limited (ASX: CBE) successfully completed a two-tranche A$90M capital raise, with Tranche 1 raising A$72M and Tranche 2 pending shareholder approval. The placement was supported by new and existing shareholders, including major shareholders Tribeca Investment Partners and Strata Investment Holdings Plc. Funds will be used to increase ownership in Sierra Atacama, repay debt, and cover exploration and development costs. The board is also participating in the placement for A$200,000, subject to EGM approval.
Guidance
A$90M raised, to be used for Sierra Atacama ownership, debt repayment, and exploration
Outlook
Cobre Ltd aims to become a mid-tier copper producer with this capital raise, focusing on Sierra Atacama and other projects.
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