Cobre Ltd (ASX:CBE) has received 212 applications for a total subscription of $2.96 million in shares for the company’s share purchase plan (SPP), almost triple the original target of $1 million.
The company's board opted to accept the oversubscriptions in light of Cobre’s recent drilling success and its plans to accelerate exploration and development on its tenements in the Kalahari Copper Belt (KCB) of Botswana.
The SPP closed on Tuesday, January 17, with shares to be allotted by Friday, January 20, and quotation of shares to begin no later than Tuesday, January 24.
Targeting rapid exploration in KCB
“The take up under the SPP by the company’s eligible shareholders represents an outstanding result for the company and reinforces the alignment the board has sought to create between as many shareholders as possible,” Cobre executive chair Martin Holland said.
“This overwhelming support from shareholders highlights their commitment to participating in the company’s shared vision and continued success.
“I am pleased that of the 1,645 eligible shareholders, 212 decided to participate in the SPP and I would like to thank each of those shareholders, along with all existing shareholders, for their tremendous support.
“With our strong exploration results to date, these additional funds provide a welcome boost to the company’s cash reserves that will allow drilling and advanced exploration activities in the KCB to progress at a rapid rate.”