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- Corazon Mining (CZN) raises $7.6 million in a one-for-one non-renounceable rights issue to advance exploration and development across its project portfolio
- The pro-rata non-renounceable rights issue or entitlement offer comprised one new Corazon share for every one share held at an issue price of three cents each, culminating in almost 254 million new shares being issued
- It comes after Corazon’s recent share placement that raised an additional $2.04 million
- The funds will be predominantly used for the Lynn Lake nickel sulphide project in Canada
- CZN shares last traded at 3.4 cents on April 12
Corazon Mining (CZN) has raised $7.6 million in a one-for-one non-renounceable rights issue to advance exploration and development across its project portfolio.
The pro-rata non-renounceable rights issue or entitlement offer comprised one new Corazon share for every one share held at an issue price of three cents each, culminating in almost 254 million new shares being issued.
It closed yesterday and the capital raised was in addition to the company’s recent share placement that raised just over $2 million.
Corazon said the funds would enable the company to push on with drilling and exploration at its flagship Lynn Lake nickel sulphide project in Canada.
“We are delighted with the level of uptake for the entitlement offer from shareholders. Corazon is in a very strong financial position to aggressively pursue its exploration and development plans across our project portfolio, with a specific focus on … Lynn Lake.”
Drilling is currently under way at Lynn Lake testing priority targets at the Fraser Lake Complex.
Corazon said it would also use the equity raising proceeds for the historic Lynn Lake mining centre, including engineering and processing studies and resource definition drilling.
CZN shares last traded at 3.4 cents on April 12.
