Corazon raises $4.32m for exploration

Perth-based nickel explorer Corazon Mining has announced a $4.3 million capital raising to fund drilling programs at its Lynn Lake nickel sulphide project in Canada.

Corazon announced today it sought to raise $4.32 million through the placement of 36 million shares priced at 12 cents per share.

Managing director Brett Smith said the strong take-up of the placement, which will be completed in two tranches, was good news for the company.

“Funds raised pursuant to the placement will allow Corazon to continue to aggressively progress drilling at Lynn Lake, ensuring strong continued newsflow over the coming months from exploration activity,” Mr Smith said in a statement.

By close of trade today had slipped 12 per cent to trade at 14.5 cents.