ABOUT KOPORE METALS
Kopore Metals Limited is a public company listed on the Australian Securities Exchange (ASX) and is actively exploring its
DIRECTORS & MANAGEMENT
Suite 5, 62 Ord Street
West Perth WA 6005
ASX RELEASE | 9 May 2019
KOPORE RECEIVES COMMITMENTS FOR
$1.0M PLACEMENT TO DRILL TEST
•Placement to raise up to $1.0m via the issue of up to 100m new shares at an issue price of $0.01 per share
•Support from both new and existing high quality institutional and sophisticated investors
•Funds will be used to continue exploration drilling programs and other field exploration activities over Kopore’s recently defined Namibian targets and the Korong Domal Prospect, located in Botswana
•Directors have agreed to participate in the Placement, subject to shareholder approval, which will be sought from shareholders at a general meeting to be scheduled following the completion of the Placement
Kopore Metals Limited (ASX:KMT) (Kopore or the Company) is pleased to announce that it has received firm commitments to raise up to $1.0m (before costs) through the issue of up to 100m ordinary fully paid ordinary shares (New Shares) at an issue price of $0.01 per share in a placement to both new and existing institutional and sophisticated investors (Placement).
The Placement, in conjunction with Kopore’s current cash reserves, ensures Kopore is well funded to undertake its planned 2019 exploration program on its Botswanan and Namibian licenses. The Company will continue to explore its dominant land position in the Kalahari Copper Belt. It is anticipated that drilling will continue through the year on several high priority targets, across Namibia and Botswana. Details of individual drill programs will be advised on an ongoing basis.
The Company is utilising a suite of downhole geophysical tools combined with downhole optical probes, to refine ongoing and upcoming drilling programs at its Ongava and Omenya Dome prospects in Namibia and the Korong Central prospect in Botswana.
Managing Director Simon Jackson commented:
“We are delighted with the support we have received from both existing and new shareholders. Kopore presents as a unique opportunity to invest in a pure copper exploration play in one of the current hotspots for copper. We look forward to continuing exploration on our large land holdings in Botswana and Namibia with the aim of finding the next copper deposit on the Kalahari Copper Belt.”
REGISTERED OFFICE Level 2, 470 Collins Street MELBOURNE VIC 3000
New Shares issued under the Placement will rank equally with Kopore’s existing ordinary shares on issue. New Shares are to be issued at $0.01 per share, representing a nil discount to the last closing price and a 16.7% discount to the
Shareholder approval is not required in respect of the Placement, with the exception of approval for Director participation in the Placement. Kopore’s Directors have agreed to subscribe for a total of 7,800,000 New Shares in the Placement as set out in the table below, subject to shareholder approval being obtained at a General Meeting to be scheduled following the completion of the Placement:
The Placement will be conducted using Kopore’s existing placement capacity, with 37,942,360 New Shares to be issued under ASX Listing Rule 7.1 and 54,257,640 New Shares to be issued under ASX Listing Rule 7.1A.
92,200,000 New Shares to be issued under the Placement (being all New Shares other than the 7,800,000 to be issued to Directors subject to shareholder approval being obtained) are expected to be allotted on Wednesday, 15 May 2019 and trading of those 92,200,000 New Shares is expected to commence on a normal settlement basis on the ASX on the same day.
Discovery Capital Partners and Nascent Capital Partners acted as Joint Lead Managers to the Placement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Kopore Metals Limited
Tel. +61 8 9322 1587
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Kopore Metals Limited (ASX: KMT) is a public company listed on the Australian Securities Exchange (ASX) and is actively exploring its
Kopore continues to explore for stratabound
The directors and management of Kopore have strong complimentary experience with over 20 years of Australian and International technical, legal and executive roles in exploration, resource development, mining, legal and resource fields.
Botswana and Namibia are stable,
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