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CORAZON MINING LIMITED — Capital/Financing Update 2013
Sep 9, 2013
64747_rns_2013-09-09_cf2d2972-c246-4e2a-a67b-b61bad6ed17f.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
10 September 2013
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The Manager - Company’s Announcements Australian Securities Exchange
CORAZON RAISES $3M TO ACCELERATE DRILLING AT TOP UP RISE PROJECT
Highlights:
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Placement was strongly overbid
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Placement will fund the next phase of high impact exploration at the TUR Project
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Drilling at the TUR Project is expected to recommence in the coming weeks
Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) is pleased to announce it has resolved to raise up to approximately $3 million at 2.8 cents per share to fund the next phase of exploration at its Top Up Rise (“TUR”) Project in Western Australia (“Placement”).
The proceeds of the Placement will be primarily used for exploration and drilling activities at Corazon’s TUR Project, studies and exploration at its Canadian gold and nickel projects and for general working capital purposes. The drill rig is already on site at TUR, and exploration is planned to recommence in the coming weeks, with RC and diamond core drilling, as well as a VTEM (airborne electromagnetic) survey.
This phase of exploration will further test the TUR gravity anomaly and will also test for economic concentrations of the styles of mineralisation intersected in the recently completed inaugural drilling programme. Drill targets with structures and lithologies favourable for base and precious metal mineralisation are currently being identified.
The VTEM survey will test for zones of massive sulphides. The Company recently announced that drilling conducted had intersected small zones of massive sulphide (predominantly pyrrhotite with up to approximately 1% copper sulphide and a general base-metal anomalism). In addition to this, the identification of troctolite (a form of gabbro) hosting traces of pentlandite (nickel sulphide) and chalcopyrite (copper sulphide) highlighted the TUR Project’s potential to host magmatic nickel-copper massive sulphide mineralisation.
In relation to the Placement, Corazon’s Managing Director, Mr Brett Smith, said: “It is very encouraging to receive such strong support for the Placement. This is an excellent validation of the prospectivity of Corazon’s Top Up Rise Project. We will now be fully funded for the next phase of high-impact exploration of this very large mineralised system.”
The Placement will be completed in two tranches, with up to approximately 61.2 million shares to be issued in Tranche One, pursuant to the Company’s capacity under ASX Listing Rules 7.1 and 7.1A. The
| CAPITAL STRUCTURE | BOARD OF DIRECTORS | BOARD OF DIRECTORS | CONTACT US | ||
|---|---|---|---|---|---|
| Market cap. @ 3.1 cps | A$9.1M | Clive Jones |
Non-executive Chairman | P: +61 (8) 6142 6366 | |
| Ordinary shares | 294M | Brett Smith |
Managing Director | M: PO Box 8187, Subiaco East WA 6008 | |
| Options | 38M | Jonathan Downes | Director | E: [email protected] | |
| ASX: CZN | Adrian Byass | Director | W: www.corazon.com.au |
ASX ANNOUNCEMENT
10 September 2013
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balance of up to approximately 45.9 million shares will be issued in Tranche Two, subject to shareholder approval at a General Meeting proposed to be held in mid-October 2013. A Notice of Meeting will be sent to all shareholders in due course.
Leading Australian financial services firm and Corazon’s corporate advisor, Hartleys Limited, is the Broker to the Offer.
Ends.
For further information visit www.corazon.com.au or contact:
Brett Smith James Moses Managing Director Media and Investor Relations Corazon Mining Limited Mandate Corporate P: +61 (8) 6142 6366 M: +61 (0) 420 991 574 E: [email protected] E: [email protected]
Disclosure Statements and Important Information
Competent Persons Statement
The information in this report that relates to Exploration Results and Targets is based on information compiled by Mr Brett Smith, B.Sc Hons (Geol), Member AusIMM, Member AIG and an employee of Corazon Mining Limited. Mr Smith has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Smith consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.