Cobre's A$4m placement to drive exploration and development

Cobre Limited (ASX: $CBE) has successfully completed a A$4.0 million placement, with firm commitments from institutional, sophisticated, and professional investors. The placement involved approximately 76.9 million new fully paid ordinary shares at an issue price of $5.2c per new share, aiming to raise gross proceeds of A$4.0 million. The funds raised will be utilized to accelerate exploration on the company's tenement holding in the Kalahari Copper Belt in Botswana.

Executive Chairman's perspective on the successful placement

The Cobre team is pleased to have secured additional funds which will be strategically used to accelerate exploration on the Company's tenement holding in the Kalahari Copper Belt in Botswana. With the recent positive hydrogeological results from the Ngami Copper Project as well as the new intersection encountered when drilling the PW001 production well, there is strong reason for the Board to believe that there is significant value to be unlocked on the Company's Botswanan projects. I would like to thank all existing and new shareholders who participated in the Placement for supporting the Board's strategy to fast track exploration and development in this highly prospective region of southern Africa.

Placement details and outlook

Cobre Limited has successfully completed a A$4.0 million placement, receiving firm commitments from institutional, sophisticated, and professional investors. The funds raised will be used to accelerate exploration on the company's tenement holding in the Kalahari Copper Belt in Botswana. The Placement was strongly supported by new and existing shareholders, including the Company's largest shareholder, Strata Investment Holdings Plc, and the Board of Directors. The issue of new shares to Strata and the Board of Directors is subject to shareholder approval to be sought at an upcoming Extraordinary General Meeting. Participants in the Placement will also be entitled to apply for attaching options. The placement's success reflects the confidence in Cobre's strategy to fast track exploration and development in the highly prospective region of southern Africa.