Overview of Coda Minerals Ltd's entitlement offer

Coda Minerals Ltd (ASX:COD) is offering a non-renounceable, pro rata entitlement offer of 1 new share for every 6 shares held by eligible shareholders, along with 1 attaching new option for every 2 new shares subscribed, at an issue price of $0.07 per new share. The offer, underwritten by Westar Capital Limited, seeks to raise up to approximately $2,045,079 before costs, with the potential to accept oversubscriptions for up to an additional $1,000,000. The offer is open from October 1, 2024, to October 22, 2024, unless extended.

Executive commentary on company's strategy and use of funds

The company's strategy focuses on leveraging assets at Elizabeth Creek through economic and technical studies and exploration to define copper-cobalt-silver and copper-gold mineralization. Additionally, the company has expanded its copper-gold exploration portfolio with the Kinloch Project in South Australia. The funds raised will support further study work at Elizabeth Creek and advance exploration across the company's portfolio, including additional targeting at Emmie Deeps and Kinloch. The company aims to capitalize on substantial growth potential adjacent to Emmie Bluff and at depth.

Summary of Coda Minerals Ltd's entitlement offer and outlook

Coda Minerals Ltd has released a prospectus detailing the entitlement offer for new securities, aiming to raise up to approximately $2,045,079. The company's strategy involves leveraging assets at Elizabeth Creek and expanding its exploration portfolio. The funds raised will support further study work at Elizabeth Creek and advance exploration across the company's portfolio, with ambitions to capitalize on substantial growth potential. The prospectus also outlines key risks associated with investing in the company, including operational factors, conditions to tenements, and native title agreements. Investors are provided with insights into the company's entitlement offer and the associated risks and challenges it faces in its operations and development of its projects.