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BUNDALL-headquartered junior explorer Coppermoly has raised $523,000 from a private placement of 10.46 million shares at $0.05 cents per unit to ‘sophisticated investors’.
Proceeds will be used to fund a minimum expenditure commitment for the Esk Trough Farm-In.
Managing director Peter Swiridiuk (pictured) is optimistic about the survey results.
“The Esk Trough Project has advanced exploration prospects, which can be immediately drill tested,” says Swiridiuk in a statement to the ASX.
“We believe that there is great potential to quickly add-value with a targeted drilling program in 2012.”
The existing agreement with ActivEX to farm-in the Esk Trough project in southeast Queensland, allows Coppermoly to earn 51 per cent interest with potential to increase to 70 per cent.
Swiridiuk has expressed interest in contacting Gold Coast City Council about future fly-in, fly-out (FIFO) options on an Asia-Pacific level, saying it would benefit mines based in Papua New Guinea.
Coppermoly has done FIFO for many years from Perth and Brisbane airports.
Company shares remained flat today at $0.06 per unit.
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