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Corazon Mining's share purchase plan to be partially underwritten by PAC Securities to $500,000

PAC’s participation provides surety for ongoing exploration of copper-cobalt-silver sulphide discoveries at Corazon’s Mt Gilmore project.
Corazon Mining's share purchase plan to be partially underwritten by PAC Securities to $500,000
The Mt Gilmore Project also hosts the Cobalt Ridge prospect

Corazon Mining Ltd (ASX:CZN) has reached agreement with PAC Securities Pty Ltd for PAC to partially underwrite Corazon’s $1-million share purchase plan to $500,000.

The agreement also includes PAC acting as lead manager in the placement of any potential shortfall under the SPP.


Capital raised will be used to accelerate exploration at the Mt Gilmore project in NSW, where Corazon has discovered a major new copper-cobalt-silver sulphide region.

Geochemical anomalies at Mt Gilmore point to an extensive hydrothermal event over several kilometres of strike, containing metal associations indicative of large intrusive-related copper-gold systems.

Next steps in the project’s exploration will aim to define drill targets within the large areas of anomalism.

READ: Corazon Mining raising up to $1.35 million for further exploration at Mt Gilmore project

The SPP aims to raise up to $1 million by providing eligible shareholders the opportunity to subscribe for up to $15,000 of shares at a price of 0.3 cents each.

Participants will be issued two free options for every three shares acquired, with the options exercisable at 0.7 cents each and expiring three years from the date of issue.

READ: Corazon Mining delivers “exceptional” test results for Lynn Lake nickel and copper concentrates

Consideration for PAC’s underwriting and lead manager roles will comprise:

  • 6% on the underwritten amount;

  • 5% on any proceeds placed by PAC in the shortfall placement, excluding those by existing shareholders and investors introduced by Corazon, its directors or corporate advisors; and

  • An administration fee of 1% of total proceeds placed in the shortfall placement.

If a minimum of $600,000 is raised in the SPP, Corazon will also issue PAC 25 million options under the same conditions as the SPP.

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