CopperCo plans to raise $30m

COPPER producer, CopperCo Ltd, plans to raise $30 million through a placement to fund exploration and production expansion on its Lady Annie copper project, with Perth-based Mineral Securities Ltd taking a large part. CopperCo will issue 54.4 million shares at 45 cents each, raising $24.5 million, as well as issuing convertible notes to the value of $5.5 million. MinSec will acquire all convertible notes issued, along with 22.2 million shares worth $10 million. The capital raising will allow the company to expand production of copper cathode from 19,000 to 25,000 The shares are being issued at a 13 per cent discount to its recent trading price.

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