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Share Price: 1.125

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Cobra Resources Raises GBP677,000 By Placing For Working Capital

Fri, 08th May 2020 14:47

(Alliance News) - Cobra Resources PLC said Thursday it has raised GBP677,145 through a placing of shares, which will go towards working capital purposes.

The Wudinna gold project owner issued 30.1 million shares at a price of 2.25 pence each, representing a 23% discount to its closing price on Wednesday of 2.95p.

Shares in Cobra Resources closed 18% lower at 2.42 pence on Thursday in London.

Peterhouse Capital acted as joint broker for the bookbuild process, which was not underwritten.

"It was pleasing to see this raise oversubscribed demonstrating the growing support for the company in the UK capital markets. We look forward to updating the market in the coming weeks on the results of the stage two exploration programme at Wudinna," said Managing Director Craig Moulton.

Following the issue, Cobra Resources now has 185.6 million shares issued overall.

By Dayo Laniyan; dayolaniyan@alliancenews.com

More News

14 Jun 2022 14:25

IN BRIEF: Cobra Resources to start aircore drilling at Wudinna site

Cobra Resources PLC - Wudinna gold project in South Australia - Says McLeod drilling has mobilised the Wudinna project site in South Australia to start the first phase of the company's 2022 field programme. It intends to drill a total of 6,000 metres across 97 holes.

31 May 2022 11:57

IN BRIEF: Cobra Resources annual loss widens on higher costs

Cobra Resources PLC - Wudinna gold project in South Australia - Pretax loss widens to GBP1.7 million in 2021 from GBP1.0 million the year before. Puts this down to finance costs that jumped to GBP1.1 million from GBP39,755. Recognises no revenue in the year, as it still in its pre-revenue stage and raises funds for its activities through the issue of equity and debt.

31 May 2022 10:44

SMALL-CAP WINNERS & LOSERS: IQ-AI's IB Zero G moves closer to approval

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.

5 May 2022 20:12

IN BRIEF: Cobra Resources re-analysis shows rare earth mineralisation

Cobra Resources PLC - Wudinna gold project in South Australia - Reports results from stage 2 and 3 re-analysis of a further 96 drillholes from historic drilling at the Baggy Green and Clarke prospects. Says rare earth elements intersected across a broad region connecting the Baggy Green and Clarke prospects, extending the defined REE mineralisation footprint at Wudinna to approximately 4 kilometres, with mineralisation open in multiple directions. At a 350 parts per million total rare earth oxidecut-over grade, 85 holes produced significant intersections where the average grade was 530 ppm TREO over an average true width of intersection of 15.4 metres. Metallurgical test work is underway.

13 Apr 2022 18:47

TRADING UPDATES: BlueRock output rises; Watkin Jones profit to fall

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

6 Apr 2022 14:51

IN BRIEF: Cobra Resources jumps as results confirm more mineralisation

Cobra Resources PLC - Wudinna gold project in South Australia - Says results from the reanalysis of 15 drillholes at Baggy Green, Barns, and White Tank on the Wudinna gold project in South Australia confirmed more rare earth mineralisation above gold resources. Continues that it confirmed the potential for clay hosted ion adsorption mineralisation within the saprolite horizon above and proximal to the existing gold resources. Explains it reanalysed the holes after its recent rare earth discovery at the Clark site. Says that the quantity of high-value magnet rare earths is consistent with results from the previously reported Clarke discovery. Notes that results from 38 holes at Clarke and a further 66 holes from Baggy Green are expected this month.

14 Mar 2022 20:57

TRADING UPDATES: Cobra in line for earn-in; Argo agrees fleet swap

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

16 Feb 2022 13:24

IN BRIEF: Cobra Resources raises GBP945,000 for Australia gold project

Cobra Resources PLC - Wudinna gold project in South Australia - Confirms raises GBP945,000 from an oversubscribed placing of 63.0 million shares at 1.5 pence each. Cobra had first announced its plans on Tuesday, and the amount raised was what it had targeted. The placing was run by SI Capital Ltd and Taylor Collison Ltd acted as joint bookrunners. The new shares equal 14.9% of the expanded total. Non-Executive Director David Clarke bought 6.3 million shares in the placing, worth GBP95,071.

15 Feb 2022 22:16

TRADING UPDATES: Tullow faces Norway charge; Light Science wins grant

(Alliance News) - The following is a round-up of updates by London-listed companies, issued Tuesday and not separately reported by Alliance News:

7 Feb 2022 18:33

TRADING UPDATES: Wheaton Precious 2021 production meets guidance

24 Nov 2021 11:19

SMALL-CAP WINNERS & LOSERS: MGC Pharma up as on track to hit targets

12 Nov 2021 14:25

IN BRIEF: Cobra Resources raises Wudinna project interest to 65%

12 Oct 2021 19:44

TRADING UPDATES: PCI-PAL adds Amazon platforms; Mode Global, THG team

12 Oct 2021 16:26

Cobra executes first phase of exploration programme at Wudinna

(Sharecast News) - South Australia-focussed gold exploration company Cobra updated the market on its recent exploration activities at the Wudinna Gold Project on Tuesday, reporting that it had successfully executed the first phase of its 2021 exploration programme through an "extensive" geochemistry drilling programme using pathfinder chemistry.

21 Sep 2021 11:54

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