Copper Search Ltd (ASX: CUS) is pleased to advise that it has successfully completed a capital raise to fund exploration and project generation for Heavy Mineral Sands (HMS) in South Australia (SA) and working capital. The Company will open an entitlement offer to fund gold and copper drill target validation in New South Wales (NSW), business development and working capital on the same terms, details below.
Summary of Placement
- $850,000 Placement at 1.7 cents
- Attaching 1 for 2 Option at 3.4 cents valid for 2 years
- Via two tranches – second tranche subject to shareholder approval
- Including $100,000 from Directors subject to shareholder approval
- 50M New Shares and 27M Options expected total new securities
Summary of Planned 1:4 Rights Issue
- To raise up to $504,000 from existing shareholders
- Future Record date of 3 June to allow buy in from new investors
- Right to 1 new share for every 4 shares held on the Record Date
- Same terms as placement above
- Shareholders can bid for Overs from shortfall pool
The support we have received from this placement allows us to take the next steps on this path – from further sampling, through to heritage clearances and defining drill targets. Our intention is to commence low-cost air-core drilling as soon as the necessary approvals are secured.
What particularly excites me is the potential of our new tenement, where old beach strandlines interpreted from magnetic data look to be large, walk-up drill targets. If the mineralogy reflects what we’ve seen in the recent grab samples collected by our resident Mineral Sands expert, Ian Warland, then this new opportunity could represent a significant win for shareholders.
In parallel, I’d like to advise shareholders that our exploration team has just returned from the field in New South Wales, where they have been focussing on the gold and copper porphyry potential at the Byrock Project. The latest boots-on-ground program included ground truthing chargeability anomalies identified by our IP surveys, collecting new gravity data, and field-checking the high-priority Pipes Targets, defined in the recent airborne magnetics program.
The rest of 2025 is shaping up to be a very active time for Copper Search, and I look forward to keeping shareholders informed as we progress to drill ready on multiple projects.
Figure 1: Location Map of the Peake Project and new tenement application ELA2025_17 Eromanga Basin
* Samples from visual sachet logging by Diamantina HMS Laboratory, Perth. Samples were located on the Company’s EL6195 – grab sample was collected and pan-concentrated prior to laboratory submission for visual sachet logging. This is not a representative sample and was obtained to ascertain mineral assemblages of valuable heavy minerals (VHM) compared to ‘trash’ heavy minerals.
MORE INVESTOR UPDATES
Entitlement Offer Prospectus
Copper Search Ltd (ASX: CUS) is pleased to offer all Eligible Shareholders the opportunity to participate in an Entitlement Offer.
Successful Placement Completed & Rights Issue To Open
Copper Search Ltd (ASX: CUS) is pleased to advise that it has successfully completed a capital raise to fund exploration and project generation for Heavy Mineral Sands (HMS) in South Australia (SA) and working capital.
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