Sydney, Australia, Mar 11, 2020 - (ABN Newswire) - The principal activity of Cobre Limited during the financial half-year was the exploration and evaluation of the assets owned by Toucan Gold Pty Ltd (Toucan), in which Cobre owns an 80% shareholding, primarily at the Perrinvale Project, which covers 381km2 of the Panhandle and Illaara Greenstone Belts in Western Australia.
During the half year period, the company also entered into the Sandiman Farmin Agreement on 13 November 2019 pursuant to which the company acquired an option to earn interests in an additional tenement, being the Mt Sandiman Tenement. The Sandiman Tenement is located in the Gascoyne Province, approximately 85km north of the town of Gascoyne Junction in Western Australia and spans across 202km2 on the eastern edge of the Carnarvon Basin.
The company's main focus during the period was working towards its planned Initial Public Offering (IPO) and subsequent listing on the Australian Securities Exchange (ASX), lodging its prospectus with the Australian Securities and Investments Commission (ASIC) on 6 December 2019 and the commencement of trading of the company's shares on the ASX post the end of the period on 31 January 2020. As part of the IPO and to facilitate a listing on the ASX, Cobre's shareholders approved the conversion of the Company's status from a private company limited by shares (Pty Ltd) to a public company limited by shares (Ltd) which came into effect on 22 November 2019.
Review of operations
The loss for the consolidated entity after providing for income tax and non-controlling interest amounted to $1,179,441 (31 December 2018: $75,000).
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the consolidated entity during the financial half-year other than the conversion from a private to a public company and preparation for listing on the ASX which occurred after the balance date.
Matters subsequent to the end of the financial half-year
On 17 January 2020 the Company issued 2,000,000 'advisor options' with a subscription price of $0.00001 per advisor option in connection with the IPO.
On 29 January 2020, the company was admitted to the official list of the ASX with the trading of the Company's shares commencing on 31 January 2020. The company's IPO raised $10,000,000, before costs, through the issue of 50,000,000 fully paid ordinary shares at an issue price of $0.20 per share.
On 20 November 2019 the Company issued 750,000 fully paid ordinary shares to Metal Tiger PLC ("Metal Tiger") conditional upon Metal Tiger investing at least $2m in the IPO or IPO not taking place prior to 2 September 2020 (or such later date as agreed between the parties in writing). The share issue became unconditional on completion of the IPO on 29 January 2020.
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About Cobre Limited:
Cobre Limited (ASX:CBE.AX - News) is a Sydney based company focused on mineral exploration in Western Australia. The company recently discovered a new high grade VMS deposit enriched in Copper, Gold, Zinc and Silver in Western Australia from its maiden drill program in June 2019.
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