Conico announces non-renounceable pro-rata rights issue

Conico Limited (ASX: $CNJ) has announced a non-renounceable pro-rata rights issue of one new Share for every one Share held by Qualifying Shareholders as at 5.00pm WST on 15 April 2024. The issue price is $0.001 per Share, aiming to raise approximately $1,805,095 before expenses. The purpose of the rights issue is to fund administrative costs, exploration within its held tenements in East Greenland, further exploration, study, and maintenance of the Mt Thirsty Co-Ni-Mn project, and to pay the costs of the offer.

Chairman's Letter on Rights Issue

Gregory H. Solomon, Chairman of Conico, urged shareholders to carefully read the offer document and commended the rights issue to them. The funds raised will be utilized to cover operating expenses, undertake exploration in East Greenland, and further study the Mt Thirsty Co-Ni-Mn project. Solomon emphasized the speculative nature of the company's business and the potential changes in fund allocation depending on market conditions.

Outlook and Risks

The non-renounceable pro-rata rights issue by Conico aims to raise funds for administrative costs, exploration, and study of the Mt Thirsty project. The company highlighted the speculative nature of its business and the potential changes in fund allocation depending on market conditions. Shareholders are advised to carefully consider the risks associated with the investment, including exploration risk, mineral resources risk, project financing, operating risks, production risks, commodity price volatility, exchange rate risks, title risks, environmental risks, share market conditions, working capital, and other general investment risks. The company also outlined the expenses of the issue, taxation responsibilities, continuous disclosure obligations, and privacy statement for shareholders.