TIDMCOBR
RNS Number : 7783B
Cobra Resources PLC
15 February 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
15 February 2022
Cobra Resources plc
("Cobra" or the "Company")
Placing to Raise a Minimum of GBP0.8 Million and up to GBP0.95
Million
Cobra (LSE: COBR), an exploration company focused on advancing
the Wudinna Project in South Australia, announces an equity placing
to raise a minimum of GBP0.8 million and up to GBP0.95 million,
before expenses (the "Placing").
Transaction Highlights
-- P lacing to raise a minimum of GBP0.8 million and up to
GBP0.95 million, before expenses, through the issue of up to
63,000,000 new Ordinary Shares, in aggregate, to new and existing
investors (the "Placing Shares")
-- The Placing is being conducted by way of an accelerated
bookbuild, to be undertaken by SI Capital Limited and Taylor
Collison who are acting as Joint Bookrunners, which will commence
immediately following this announcement
-- The participation of Taylor Collison, a South Australia based
broker, is a result of considerable interest from Australian
investors arising from the rare earths discovery in the Company's
recent drilling programme
-- The Placing Shares are to be issued at 1.5 pence per share
which represents a discount of approximately 15% to the
volume-weighted average share price in the 10 days preceding
yesterday's closing share price
The transaction highlights above and the summary announcement
below should be read in conjunction with the full text of the
announcement set out below.
The Company intends to use the funds raised for working capital
purposes, which includes the Company's 2022 exploration work
programme which will see the Company achieve its 75% farm-in
commitment through:
1. Accelerated definition works to test the extent of Rare Earth
Element ("REE") Mineralisation proximal to existing gold
occurrences. This will be done through re-analysis of retained
samples from previous drilling programmes and will be undertaken in
four stages:
i. 550 samples from 14 holes at Baggy Green that will test the
southern continuity of the mineralisation intercepted at Clarke
ii. 100 samples from three holes at Barns and White tank to test
the potential for REE occurrence
iii. Further pulp analyses of additional holes from Clarke and
Baggy Green to expand the mineralisation footprint (subject to
results in (i))
iv. Approximately 1,200 regional samples to test for REE
mineralisation at locations that are interpreted to yield REE
enrichment within saprolite clays
2. Reverse Air Core drilling designed to follow up REE results
and further refine regional exploration targets
3. Reverse Circulation drilling of priority REE, gold and Iron
Oxide Copper Gold ("IOCG") targets
4. Regional geophysics to advance additional targets
5. Update to existing resource estimates
Greg Hancock, Chairman of Cobra, commented:
"The participation in the Placing of Taylor Collison, a
well-regarded Australian financial services firm, reflects the high
level of interest we have received in the Company's recent rare
earths discovery. While there remains much work to be done to
refine the extent of this discovery and understand its potential,
there is no doubt that the occurrence of rare earths above defined
gold mineralisation places Cobra in a unique position in the
sector. Taylor Collison is experienced in facilitating successful
exploration of rare earths projects in Australia and we see their
participation as a positive reflection of the potential to grow our
discovery.
The funds being raised in the Placing will enable Cobra to
activate a multi-pronged 2022 work programme that will focus on
further expanding the REE mineralisation footprint, as well as
drilling priority gold and IOCG targets. We have an exciting period
ahead of us."
Bookbuild
The Placing is not being underwritten. The Joint Bookrunners
will commence a book building process in respect of the Placing
(the "Bookbuild"), which will start with immediate effect following
the release of this Announcement.
The timing of the closing of the Bookbuild and allocations shall
be at the discretion of Cobra and the Joint Bookrunners.
A further announcement will be made following the close of the
Bookbuild.
By choosing to participate in the Placing and by making a verbal
offer to acquire Ordinary Shares to be issued under the Placing,
investors will be deemed to have read and understood this
announcement in its entirety.
The person who arranged for the release of this announcement on
behalf of the Company was Rupert Verco, CEO of the Company.
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto +44 (0)1483 413 500
Taylor Collison Limited
Craig Ball +61 (08) 82173900
Peterhouse Capital Limited (Joint
Broker)
Duncan Vasey
Lucy Williams +44 (0)20 7469 0932
Vigo Consulting (Financial Public
Relations)
Ben Simons
Charlie Neish
Kendall Hill +44 (0)20 7390 0234
The person who arranged for the release of this announcement was
Rupert Verco, CEO of the Company.
About Cobra
Cobra's Wudinna Gold Project is located in the Gawler Craton
which is home to some of the largest IOCG discoveries in Australia
including Olympic Dam, as well as Prominent Hill and Carrapateena.
Cobra's Wudinna tenements contain extensive orogenic gold
mineralisation and are characterised by potentially open-pitable,
high-grade gold intersections, with ready access to nearby
infrastructure. Recent drilling has discovered Rare Earth
Mineralisation proximal to and above gold mineralisation. The
grades, style of mineralogy and intercept widths are highly
desirable. In addition, Cobra has over 22 orogenic gold prospects,
with grades of between 16 g/t up to 37.4 g/t gold outside of the
current 211,000 oz JORC Mineral Resource Estimate, as well as one
copper-gold prospect, and five IOCG targets.
Wudinna Project Description
The Eyre Peninsula Gold Joint Venture comprises a 1,912 km(2)
land holding in the Gawler Craton. The Wudinna Gold Project within
the Joint Venture tenement holding comprises a cluster of gold
prospects which includes the Barns, White Tank and Baggy Green
deposits.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEQELFFLLLLBBE
(END) Dow Jones Newswires
February 15, 2022 11:29 ET (16:29 GMT)
Cobra Resources (LSE:COBR)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Cobra Resources (LSE:COBR)
Historical Stock Chart
Von Jul 2023 bis Jul 2024