Core Exploration (ASX:CXO) has received firm commitments from sophisticated, professional and institutional investors to place 15 million new shares at $0.05 to raise $750,000.
Each share comes with an attaching free option exercisable at $0.10 before 31 January 2016.
Funds raised will be used to plan additional work on copper targets at Virginia and Copper Royals subject to assay results from current drilling in the Northern Territory, and modelling of potential drill targets within the Bonya Schist.
These will be assisted by utilising final aerial electromagnetic data from Core's tenements adjacent to KGL Resources' (ASX:KGL) Jervois project.
Drilling of prioritised copper targets on Core’s Jervois Domain tenements Q1 2015 is subject to interpretation and modelling of exploration results in the east Arunta region.
Funds will also provide working capital to support the acceleration of exploration activities over the greater Albarta project.
With this funding in hand, Core can move forward confidently toward drilling its Jervois Domain tenements in the NT early next year.
In addition, the company will deliver first assay results from current drilling of copper target at Virginia and Copper Royals before Christmas.
Core also holds prospective IOCG projects and established uranium resources in South Australia.
The company is capitalised at $8 million, considering ground held and upcoming newsflow.
