(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
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Cobra Resource. (COBR)