Corazon raises cash to tackle TUR project

THE BOURSE WHISPERER: Corazon Mining (ASX: CZN) has raised funds via a Share Purchase Plan and subsequent Shortfall Placement.

The Share Purchase Plan, which closed last Friday, raised approximately $600,000 from existing shareholders.

The SPP raised interest from other investors, which resulted in the company placing the shortfall from the SPP for approximately $900,000.

Corazon said the funds raised by a recent placement, the SPP and the Shortfall Placement have ensured it is fully cashed-up to commence its planned high-impact drilling program at the recently-acquired Top Up Rise project (TUR) in Western Australia.

In relation to the success of the SPP and the Shortfall Placement

“It was encouraging to receive such strong support from existing Corazon shareholders for the SPP, and such strong demand from a number of investors for the Shortfall Placement,” Corazon Mining managing director Brett Smith said in the company’s announcement to the Australian Securities Exchange.

“It is an excellent validation of the potential of our projects.

“We are now fully funded for the first phase of exploration at the TUR project, where the targeted model is a large copper-gold deposit and we are keen to get on the ground and test this very significant anomaly.

“Ground exploration at the TUR project will commence in March, with drill testing in April/ May 2013.”

Corazon now boats over $3.5 million in cash, investments and receivables available to pay for exploration, which means the company has the capacity to also advance and add value to its Canadian projects.

These projects include a prospective development opportunity at the Lynn Lake nickel-copper sulphide project, plus exploration potential at the Beaucage Lake gold project, where high-grade gold mineralisation has been identified in outcrop over seven to eight kilometres of strike.