Australia based company Collerina Cobalt Limited has declared that it is going to raise a fund of around A$ 4 million through a one-for-ten rights issue, priced at 8c each, for advancing high purity alumina (HPA) first process at its Collerina project in New South Wales.
The issue price of 8c a share represented a 26.6% discount to Collerina’s one-month volume weighted average price of 10.9c a share.
The company intends to use the entire fund towards the prefeasibility study test work, engineering and reporting, project and product marketing, as well as savings for working capital.
Collerina Cobalt Limited, formerly known as Augur Resources Limited, is engaged in the acquisition, exploration, and development of mine and mineral deposits. The company operates in two geographical segments, which include mineral exploration in New South Wales and Indonesia.
The company’s Collerina project is located approximately 40 kilometres south of Nyngan in central New South Wales, covering an area of approximately 150 square kilometres within the Fifield Platinum Province.
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