Cohiba Raises Additional $850,000 Through Placement
Melbourne, Feb 20, 2024 AEST (ABN Newswire) - Cohiba Minerals Limited (
ASX:CHK) (CHKMF:OTCMKTS) is pleased to announce a further capital raising of $850,000 from professional and sophisticated investors ('Placement').
The issue price for the Placement will be on the same terms as the recent placement, being $0.0012 (0.12 cents) per share. The Company will issue 708,333,333 fully paid ordinary shares ('Shares') pursuant to the Placement with 538,000,000 Shares issued in accordance with the Company's placement capacity under ASX Rule 7.1 and the remaining 170,333,333 Shares being subject to shareholder approval at an extraordinary general meeting to be held over the coming months ('EGM').
Participants in the Placement will receive one (1) free attaching option for every two (2) new Shares issued with the options exercisable at $0.003 and expiring 3 years from the issue date ('Placement Options'). The issue of the Placement Options will be subject to receipt of shareholder approval at the EGM.
Executive Chairman, Mr Mordechai Benedikt, will participate in the Placement and subject to shareholder approval subscribe for $100,000 worth of Shares and Placement Options ('Benedikt Placement Securities').
This amount has been included in the total Placement amount noted above.
Proceeds from the Placement will be used for working capital requirements and due diligence activities on new potential acquisitions.
Phoenix Global Investments Pty Ltd ('Phoenix') acted as Lead Manager on the Placement and will receive a fee of 6% of the amount raised under the Placement (ex GST). The Company has received a firm commitment from Phoenix for the Placement.
About Cohiba Minerals Limited
Cohiba Minerals Limited (ASX:CHK) is listed on the Australian Securities Exchange with the primary focus of investing in the resource sector through direct tenement acquisition, joint ventures, farm in arrangements and new project generation. The shares of the company trade under the ticker symbol CHK.
The Company recently acquired 100% of the shares in Charge Lithium Pty Ltd, which holds exploration licences in Western Australia.
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