Coda Minerals Limited (ASX: $COD) has successfully secured firm commitments to raise approximately $2.77 million through a placement to professional, sophisticated, and senior manager investors. The placement, priced at $0.09 per share, will support the exploration and feasibility efforts at the company's 100% owned Elizabeth Creek Copper Project in South Australia. The funds raised, in addition to the company's existing cash reserves, will be utilized to expand the known resource base at Elizabeth Creek and progress ongoing optimization work.
We are very pleased with the support received for this private placement which has been undertaken primarily to existing, long-term, supportive shareholders of the Company. It strengthens both our share register and balance sheet. Coda holds one of Australia's largest undeveloped copper projects with excellent, approximate sedimentary exploration targets and massive blue sky associated with the separate Emmie Deeps IOCG system. There is significantly improved sentiment in the international market for copper and we are entering what is forecast to be a copper- bull market and period of supply deficit for copper. It is an exciting time for the Company as we continue to both expand and improve our project.
Coda Minerals' successful placement of approximately $2.77 million will provide crucial financial support for the exploration and feasibility work at the Elizabeth Creek Copper Project in South Australia. The company's strong cash position following the placement, approximately $4.0 million, will ensure a robust runway for its next stage of growth as an Australian copper explorer and developer. With the improved sentiment in the international copper market and the forecasted copper-bull market, Coda is well-positioned to capitalize on the period of supply deficit for copper. The company's focus on expanding and improving its project reflects its ambitions to advance the project through and beyond PFS, indicating a positive outlook for its corporate strategy and growth prospects.