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Consolidated Zinc Raises $6.5 Million to Accelerate Drilling Program
May. 06, 2016 08:45AM PST
Base Metals Investing Consolidated Zinc (ASX:CZL) has announced it has received commitments to place 162,500,000 fully paid ordinary shares at $0.04 per share to raise $6.5 million (AUD) before costs. As quoted in the press release: The issue has been offered to qualified institutional and sophisticated investors in Australia and overseas and will be completed in two tranches …
Consolidated Zinc (ASX:CZL) has announced it has received commitments to place 162,500,000 fully paid ordinary shares at $0.04 per share to raise $6.5 million (AUD) before costs.
As quoted in the press release:
The issue has been offered to qualified institutional and sophisticated investors in Australia and overseas and will be completed in two tranches with the first utilising the Company’s available 15% capacity by 11 May 2016 and the second subject to Shareholder approval at a later date.
DJ Carmichael Pty Limited have acted as Lead Manager and Corporate Adviser to the Company for the Capital Raising. The Company received additional cornerstone support from its Chairman, Stephen Copulos and a number of major Shareholders who collectively have accounted for approximately 40% of the capital raised in this placement. Blue Ocean Equities and their clients were also significant contributors to the placement.
The funds raised will be used to accelerate the resource drilling that is currently underway both below the current extent of mining in the Cuevitas Zone and at Tres Amigos both of which form parts of the Company’s highly prospective Plomosas Zinc Project in northern Mexico.