14/03/2014 - 14:11

Coziron taps investors

14/03/2014 - 14:11

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Iron-ore explorer Coziron Resources has raised $2.5 million in equity following the execution of a share placement to sophisticated investors.

Coziron taps investors

Iron-ore explorer Coziron Resources has raised $2.5 million in equity following the execution of a share placement to sophisticated investors.

The company raised the funds by issuing 125 million shares at 2 cents per share, which represented a 27% discount to its 15-day volume-weighted average price.

Proceeds from the placement have been earmarked for Coziron’s exploration program including works at its Yarraloola iron-ore project in the West Pilbara, Buddadoo iron-ore project in the Midwest and the KingX manganese project in the Earaheedy Basin in Western Australia.

The placement was made to clients of Trident Capital, Blackswan Equities and Strategic Asset Management.

Coziron chairman Adam Sierakowski said the funds would be predominately used to start drilling on its high-grade iron-ore targets at Yarraloola.

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