Corazon Mining has raised $3 million through a share placement, to fund exploration and drilling operations at its Top Up Rise project in Western Australia, as well as its Canadian gold and nickel tenements.
The Perth-based explorer announced today the placement, which was priced at 2.8 cents per share, was strongly overbid by clients of stockbroker Hartleys Limited.
Corazon said a drill rig was currently on site and drilling activities at Top Up Rise, located in the Gibson Desert region, are expected to recommence in coming weeks.
Managing director Brett Smith said it was very encouraging to receive strong support for the placement.
“This is an excellent validation of the prospectivity of Corazon’s Top Up Rise project,” Mr Smith said in a statement.
“We will now be fully funded for the next phase of high impact exploration of this very large mineralised system.”
The placement will be completed in two tranches.
At 12:00PM, WST, Corazon shares were up 9.6 per cent, at 3.4 cents.