HWL Ebsworth has advised Cobre Limited (ASX: CBE) on a two-tranche institutional placement capital raising, in conjunction with an “equity-for-drill” Subscription Agreement with Cobre’s drilling service provider.
HWL Ebsworth was able to successfully assist Cobre in closing the placement and negotiating and executing the “equity-for-drill” Subscription Agreement within an extremely short timeframe, less than 36 hours after receiving initial instructions from Cobre.
The funds raised under the placement will allow Cobre to rapidly progress exploration on the company’s tenement package in the Kalahari Copper Belt in Botswana – following on from the successful results of the first three diamond holes announced by Cobre recently.
The second tranche of the placement, in which Cobre’s largest shareholder Metal Tiger plc (ASX:MTR) will participate, is subject to shareholder approval. Cobre expects to obtain this approval later this year.
Canaccord Genuity (Australia) Limited acted as Lead Manager on the placement.
Cobre’s Executive Chairman and Managing Director Martin Holland said “It’s always a pleasure to work with Tom Morgan and his team. I certainly feel I am in trusted, reliable hands, whilst Tom and his team executes all legal processes in an efficient, effective and commercial manner.”
HWL Ebsworth Partner Tom Morgan said “Having advised Cobre on its IPO in 2019, and on various corporate transactions since the company listed, it has been an absolute privilege to be able to advise Martin Holland and the rest of the team at Cobre on this exciting capital raising, which will allow the company to accelerate its exploration program in the Kalahari Copper Belt.”
Note to Editors:
HWL Ebsworth is the largest legal partnership in Australia according to the most recent partnership surveys published by the Australian Financial Review.
The firm comprises 1,641 staff including 274 Partners, 994 other legal staff and 373 support staff across offices in nine locations – Adelaide, Brisbane, Canberra, Darwin, Melbourne, Hobart, Norwest (North West Sydney), Perth and Sydney.
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