Join our daily newsletter At The Bell to receive exclusive market insights
- Resources explorer Cobre (CBE) has locked up its in a trading halt ahead of an upcoming material capital raise
- Company shares are expected to remain in a trading halt until a formal disclosure regarding the raise is made to market on or before April 15
- In most recent news, Cobre announced its acquisition of Kalahari Metals, a U.K.-based company with approximately 8,100 square kilometres of tenements within the Kalahari Copper Belt in Botswana
- Cobre’s recent half-yearly revealed a cash and equivalents balance of roughly $4.8 million
- Prior to the trading halt, Cobre shares last changed hands at 19.5 cents
Resources explorer Cobre (CBE) has locked up its in a trading halt ahead of an upcoming material capital raise.
The company requested an immediate trading halt pending the release of a formal announcement regarding the raise, which is expected to be released on or before Thursday, April 15.
There’s been no explicit indication regarding finer details of the raise at this stage.
In recent news, Cobre announced its majority acquisition of Kalahari Metals, a U.K. company that controls approximately 8100 square kilometres of tenements within the Kalahari Copper Belt in Botswana.
In the announcement, Cobre revealed Kalahari Metals will be operated as a joint venture between Cobre Kalahari — a wholly-owned subsidiary of Cobre — and
U.K commodity investment company, Metal Tiger.
Metal Tiger has a 19.98 per cent stake in Cobre.
As per its most recent half-yearly report, Cobre revealed a cash and equivalents balance of roughly $4.8 million.
Prior to the trading halt, Cobre shares last changed hands at 19.5 cents.
