Highlights:
- Placement was strongly overbid
- Placement will fund the next phase of high impact exploration at the TUR Project
- Drilling at the TUR Project is expected to recommence in the coming weeks.
Corazon Mining Limited (ASX:CZN) (“Corazon” or “the Company”) is pleased to announce it has resolved to raise up to approximately $3 million at 2.8 cents per share to fund the next phase of exploration at its Top Up Rise (“TUR”) Project in Western Australia (“Placement”).
The proceeds of the Placement will be primarily used for exploration and drilling activities at Corazon’s TUR Project, studies and exploration at its Canadian gold and nickel projects and for general working capital purposes. The drill rig is already on site at TUR, and exploration is planned to recommence in the coming weeks, with RC and diamond core drilling, as well as a VTEM (airborne electromagnetic) survey.
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