Coda Minerals Raises Nearly AU$7 Million via Share Placement; Shares Down 10%
MT Newswires Live
Jun 01
Coda Minerals (ASX:COD) raised AU$6.7 million through an oversubscribed placement of 51.5 million shares at AU$0.13 apiece, according to a Monday filing with the Australian bourse.
The placement also includes an attaching option in the existing listed CODO class exercisable at AU$0.15 each, expiring on March 28, 2029, based on one option for every four shares subscribed, the filing said.
Proceeds will be used to advance key pre-feasibility study workstreams at the company's Elizabeth Creek project in South Australia, per the filing.
Shares fell 10% in recent trade on Monday.
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