Cohiba Minerals' Capital Raising Announcement

Cohiba Minerals Limited (ASX: $CHK) has successfully raised an additional $850,000 through a placement, issuing 708,333,333 fully paid ordinary shares at $0.0012 per share. The placement, led by Phoenix Global Investments Pty Ltd, will also include free attaching options for participants, subject to shareholder approval at an extraordinary general meeting. Executive Chairman, Mr Mordechai Benedikt, is set to participate in the placement, subscribing for $100,000 worth of shares and placement options. The proceeds from this capital raising will be allocated towards working capital requirements and due diligence activities on potential acquisitions.

Executive Commentary on Capital Raising

The capital raising through the placement reflects our commitment to strengthening the company's financial position and pursuing strategic opportunities. We are pleased with the support received from professional and sophisticated investors, and the participation of our Executive Chairman underscores confidence in our future prospects. The funds raised will enable us to advance our operational activities and evaluate new acquisition opportunities, aligning with our overarching corporate strategy.

Summary of Cohiba Minerals' Announcement

Cohiba Minerals Limited (ASX: $CHK) has successfully completed a capital raising of $850,000 through a placement, with the issue price set at $0.0012 per share. The company plans to issue 708,333,333 fully paid ordinary shares, accompanied by free attaching options for participants, subject to shareholder approval. Executive Chairman, Mr Mordechai Benedikt, will participate in the placement, subscribing for $100,000 worth of shares and placement options. The funds raised will be utilized for working capital requirements and due diligence activities on potential acquisitions, in line with the company's primary focus of investing in the resource sector through direct tenement acquisition, joint ventures, farm in arrangements, and new project generation. The announcement signifies Cohiba Minerals' proactive approach to fortifying its financial position and pursuing growth opportunities in the resource sector.