Coda Minerals' capital raising success

Coda Minerals (ASX: COD) has successfully raised $5.1 million through an oversubscribed Entitlement Offer and additional Placement. The funds will support exploration and a Scoping Study at their Elizabeth Creek Copper-Cobalt Project and Kinloch Project in South Australia.

Coda Minerals' strategic financial plans

Coda Minerals has successfully raised $5.1 million to bolster its exploration and development efforts at the Elizabeth Creek and Kinloch Projects in South Australia. The funds will be allocated to exploration activities, an updated Scoping Study expected in the December Quarter of 2024, and preparation for drilling at high-priority targets. The capital raise enhances the company's financial position, allowing for continued project advancement amid favorable market conditions for copper. Coda is also seeking shareholder approval for additional Placement shares and options at an upcoming EGM.

Executive commentary on capital raising

The completion of the capital raise strengthens our cash position significantly, enabling us to advance our exploration activities and Scoping Study at Elizabeth Creek and Kinloch Projects. The oversubscription of the Entitlement Offer and strong interest in the Placement underscores the confidence of our shareholders and new investors in our projects and strategy.