Exploration in progress. Source: Corazon Mining
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  • Corazon Mining (CZN) to raise $710,000 through a placement to its largest shareholder to fund exploration at its Lynn Lake project in Canada
  • Institutional investor, Delphi has committed to the placement which comprises over 20 million shares at 3.5 cents each
  • Following completion of the placement, the German institutional investor will hold a 19.99 per cent equity in CZN
  • The funds will go towards advancing nickel-focused exploration at Lake Lynn where the company recently identified a new target which it plans to follow up in the new year
  • Shares have been trading 2.94 per cent higher at 3.5 cents

Corazon Mining (CZN) is set to raise $710,000 through a placement to its largest shareholder to fund exploration at its Lynn Lake project in Canada.

Institutional investor, Delphi Unternehmensberatung Aktiengesellscha has committed to the placement, following which it will hold a 19.99 per cent equity in Corazon.

With headquarters in Heidelberg, Germany, Delphi’s primary business objective is to invest its own funds into a portfolio of companies, primarily in the resources sector.

Under the placement, up to 20.25 million shares will be issued at 3.5 cents each on December 23.

In addition to the equity hold, the placement reinforces Delphi’s position as the company’s largest shareholder.

The equity raise follows Corazon’s announcement last week that it had discovered a new 3.5-kilometre target at the Fraser Lake Complex within the Lynn Lake nickel-copper-cobalt sulphide project.

With the funds, the company plans to advance exploration activities at the project and commission geophysical surveys, which CZN said are critical for more detailed target definition ahead of drilling scheduled in the New Year.

Shares were trading 2.94 per cent higher at 3.5 cents at 2:12 ppm AEDT.

CZN by the numbers
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