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Corazon Mining directors show confidence in Canadian nickel strategy by participating in entitlement issue

Eligible shareholders had the opportunity to subscribe for one fully paid ordinary share for every five shares held, at an issue price of 0.2 cents per share.

Corazon Mining Ltd - Corazon Mining board of directors demonstrate confidence in Canadian nickel strategy by participating in entitlement issue
Funds will support ongoing exploration and advancement of the Lynn Lake project in Manitoba, Canada

Corazon Mining Ltd (ASX:CZN) directors Terry Streeter, Brett Smith and Johnathan Downes have demonstrated their confidence in the company’s Canadian nickel strategy through participating in an entitlement issue.

Non-executive chairman Terry Streeter acquired 2 million shares and 2 million options in a direct interest on August 11, increasing the total number of securities held after the change to 12 million.

On the same day managing director Brett Smith purchased more than 2.864 million shares and the same number of options in indirect interests and now holds more than 17.187 million shares in three separate indirect interests.

Non-executive director Johnathan Downes acquired more than 2.038 million shares and 2.038 million options in an indirect interest, increasing the total number of securities held in indirect interests to more than 17.46 million with another 6,625,522 held in a direct interest.

Entitlement offer raises A$1.69 million

Corazon’s pro-rata non-renounceable entitlement offer has raised almost $964,000 taking total capital raising proceeds to A$1.69 million with funds to advance the Lynn Lake Nickel Sulphide Project in Canada.

Corazon chairman Terry Streeter said at the time: “The company is delighted with the high level of support for its capital raising plans from existing shareholders.

“That the entitlement issue and shortfall offer has been fully subscribed is a testament to the strong potential of the Lynn Lake project and the company’s systematic plans to explore and develop the asset.”

Quick facts: Corazon Mining Ltd

Price: 0.075 AUD

Market: ASX
Market Cap: $12.2 m

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