Corazon Mining Limited (ASX:CZN) (‘Corazon’ or ‘Company’) is pleased to announce it has received firm commitments to raise $1.8 million (before costs) via a placement to sophisticated, institutional and professional investors and Directors (subject to shareholder approval) of 12 million new fully paid ordinary shares in the Company (‘New Shares’) at an issue price of $0.15 per New Share (‘Placement’). The Placement received strong demand and will see the Company well-funded to accelerate exploration activities across its Western Australian Gold Portfolio.
Highlights
- $1.8 million raised via a strongly supported Placement to new and existing sophisticated and institutional investors at $0.15 per share.
- Funds to be used to accelerate the Company’s WA Gold strategy including the maiden drill program at the Feather Cap and Two Pools Gold Projects, following the successful granting of key exploration tenements at Two Pools.
- Corazon Directors have committed to subscribe for 500,000 New Shares ($75,000) in the Placement, subject to shareholder approval.
- Strong pipeline of news flow planned for CY2026, with maiden drill program at Two Pools planned for early Q1 to confirm high-grade historical results, subject to completion of heritage surveys.
Corazon Mining Ltd Managing Director, Simon Coyle, commented: “We are extremely pleased with the strong support received from new and existing investors. This funding puts Corazon in a strong position to fast-track on- the-ground activities at our high-priority WA gold projects, particularly the Two Pools Gold Project, where preparations for our maiden drill program are well underway. We look forward to commencing drilling in early 202c to test the significant gold potential of this area.”
Use of Funds
Funds raised from the Placement will primarily be used to accelerate the Company’s strategic WA gold strategy. Following the successful granting of two core tenements at the Company’s Two Pools Gold Project (E52/4460 and E52/4468)1, Corazon is well positioned to fast-track on-the-ground exploration.
Preparations for the maiden drill program at Two Pools are currently being finalised, with a diamond drill program expected to commence in early 2026, subject to completion of heritage surveys. This initial program will aim to confirm high-grade historical results and provide Corazon with critical information to inform the Company’s geological modelling and future exploration activities.
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