West Cobar Metals launches entitlement offer

West Cobar Metals (ASX:WC1) is initiating a non-renounceable entitlement offer to raise approximately AUD 838,751 before costs. Eligible shareholders will have the opportunity to subscribe for one new share at AUD 0.022 for every four shares held. Additionally, one free new option will be provided for every two new shares subscribed. The offer is set to close on November 14, 2024.

Entitlement offer details and strategic outlook

West Cobar Metals is offering its shareholders a chance to participate in a non-renounceable entitlement offer to raise funds for exploration and commercialisation efforts across key projects. The offer includes one new share for every four held at AUD 0.022 per share and a free option for every two new shares subscribed, with options expiring on June 30, 2028. The funds are allocated for exploration at the Bulla Park copper project in New South Wales, the Fraser Range project in Western Australia, and the Salazar critical minerals project. The company also plans to use the proceeds for general working capital and potential acquisitions. While the prospectus highlights risks such as exploration uncertainties and market volatility, West Cobar Metals remains committed to enhancing its exploration assets and expanding its financial reserves. The offer is a strategic move to strengthen the company's position in the market and advance its corporate goals.

Executive commentary on entitlement offer

The funds raised through this offer will support our exploration activities at the Bulla Park copper project, copper and gold exploration at the Fraser Range project, and the commercialisation of the Salazar critical minerals project. This will also provide us with the capital needed for general working purposes and evaluating potential project acquisitions.