Copper Search Issues 16.2M Shares and 8.1M Options at $0.017 Each
Copper Search Limited has successfully raised approximately $275,175 through a non-renounceable entitlement offer, issuing over 16 million new shares and accompanying options. Additional placements and broker options are pending shareholder approval, setting the stage for potential capital expansion.
- Raised $275,175 via entitlement offer at $0.017 per share
- Issued 16.2 million new shares and 8.1 million attaching options
- Options exercisable at $0.034 until July 2027
- Conditional placements and broker options subject to shareholder approval
- New shares to commence trading on 1 July 2025
Capital Raise Details
Copper Search Limited (ASX, CUS) has completed a non-renounceable entitlement offer, successfully raising approximately $275,175 by issuing 16,186,805 new fully paid shares at an issue price of $0.017 each. Alongside these shares, the company issued 8,093,410 attaching options, which carry an exercise price of $0.034 and can be exercised any time before 31 July 2027.
Strategic Implications
This capital injection, while modest, provides Copper Search with additional funds to support its copper exploration activities. The attaching options offer investors potential upside if the company’s share price appreciates, aligning shareholder interests with the company’s growth prospects.
Pending Placements and Approvals
Beyond the entitlement offer, Copper Search plans to issue an additional 25,969,030 new shares through a conditional placement, along with 24,999,998 attaching options, both subject to shareholder approval. Furthermore, 2,000,000 options are to be granted to GBA Capital Pty Ltd or its nominee under a broker option offer, also on the same terms as the attaching options.
Market Impact and Next Steps
The new shares from the entitlement offer are set to commence trading on the ASX on 1 July 2025, potentially increasing liquidity and shareholder base. Investors will be watching closely for the outcome of the shareholder approvals for the conditional placements, which could significantly impact the company’s capital structure and funding capacity.
Outlook
While the immediate capital raise is relatively small, the planned placements and options issuance suggest Copper Search is positioning itself for further growth opportunities. The company’s ability to execute these plans and translate capital into exploration success will be critical in the coming months.
Bottom Line?
Copper Search’s recent capital raise sets a cautious but hopeful tone as it seeks shareholder backing for larger funding moves.
Questions in the middle?
- Will shareholders approve the conditional placements and broker options?
- How will the additional shares and options affect Copper Search’s share price and dilution?
- What specific exploration projects will the new capital support?
