Drilling set to continue at the Lynn Lake Project
Share Purchase Plan Closed
Perth, Feb 27, 2017 AEST (ABN Newswire) - Corazon Mining Limited (
ASX:CZN) (CRZNF:OTCMKTS) ("Corazon" or "the Company"), is pleased to announce it has closed the Share Purchase Plan (SPP) to raise approximately $3 million at an issue price of $0.035 per share. The SPP has been over-subscribed and as advised the Company reserved the right to close the offer early and scale back applications to the required total of approximately $3 million.
- SPP successfully completed to raise approximately $3 million
- SPP closed early due to strong shareholder take up
- Funding to provide capacity to continue to drill the Company's large and compelling nickel-copper-cobalt targets at the Lynn Lake Project in Canada
- Exploration effort also to continue at the Mt Gilmore - Cobalt Ridge prospect in New South Wales
The strong demand for the SPP, which allowed the offer to be closed early, reflects the significant market interest in the Company's drill program at the Fraser Lake Complex, within the Lynn Lake Nickel-Copper-Cobalt Project in Canada.
The proceeds of the SPP will be used primarily for exploration activities at Corazon's Lynn Lake Project in Canada and the Mt Gilmore Cobalt-Copper-Gold Project in New South Wales, as well as for general working capital purposes.
Phase 1 Drill Programme Complete
Corazon has completed its Phase 1 Drilling programme at Lynn Lake Nickel-Copper-Cobalt Project in Canada. This programme comprised five (5) holes for approximately 1,600 metres of core drilling, testing high priority geophysical anomalies within the Fraser Lake intrusive Complex. An update on the status of the drilling programme has been provided in the Company's ASX releases dated 6th and 13th of February 2017. Initial assay results from the drilling are expected shortly.
Phase 2 Drill Programme
With the completion of the SPP, the Company is now undertaking preparation of Phase 2 drilling.
About Corazon Mining Ltd
Corazon Mining Limited (ASX:CZN) (OTCMKTS:CRZNF) is a base metals explorer with projects in the historical nickel-copper Lynn Lake mining camp, Canada's 3rd largest nickel producing region. Corazon's recent acquisition of the Victory Nickel Project has reunited the Lynn Lake Mining Field for the first time since 1976.
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