Canterbury Extends Share Purchase Plan Ahead of Key Copper Project Results
Canterbury Resources has extended its 2025 Share Purchase Plan to 22 October, aiming to raise $0.75 million to advance exploration at its Jack Shay, Peenam, and Briggs copper projects.
- SPP extended to 22 October 2025
- Target capital raise of approximately $0.75 million at 2.0 cents per share
- Funds allocated to exploration at Jack Shay and Peenam projects and working capital
- Briggs project drilling and Scoping Study nearing key milestones
- Partner-funded evaluation ongoing at Briggs, Bismarck, and Morobe projects
Share Purchase Plan Extension
Canterbury Resources Limited (ASX – CBY) has announced an extension to the closing date of its 2025 Share Purchase Plan (SPP), now set for 7 – 00 pm AEST on Tuesday, 22 October 2025. The company is seeking to raise approximately $0.75 million through the issue of new shares priced at 2.0 cents each. Eligible shareholders can apply for up to $30,000 worth of shares without incurring transaction costs, providing an accessible opportunity to support the company’s ongoing exploration efforts.
Strategic Use of Funds
The capital raised through the SPP will be directed primarily towards advancing project generation activities and exploration at the Jack Shay and Peenam projects, alongside general working capital needs. These projects represent key components of Canterbury’s copper exploration portfolio, with the company aiming to unlock value through targeted drilling and evaluation.
Progress at Briggs and Partner-Funded Projects
While the SPP funds focus on Jack Shay and Peenam, Canterbury’s Briggs, Bismarck, and Morobe projects continue to be evaluated under earn-in agreements with partners, reducing the company’s capital expenditure burden. Notably, Briggs is currently the site of two high-impact activities – a Scoping Study nearing completion that assesses the feasibility of a large-scale copper mining operation, and a deep diamond drilling program testing the full extent of the mineralised system. Early observations from the drill core align with expectations, and results from the Scoping Study are anticipated in October 2025.
Management Commentary and Outlook
Managing Director Grant Craighead expressed gratitude to shareholders for their support and highlighted the transformative potential of the ongoing work at Briggs. The company’s cautious optimism reflects the importance of these milestones in shaping Canterbury’s future trajectory and market position.
Looking Ahead
With the extended SPP window, shareholders have additional time to participate in Canterbury’s capital raising, which underpins the company’s exploration ambitions. The forthcoming results from Briggs will be critical in validating the company’s strategy and could serve as a catalyst for re-rating the stock, depending on the outcomes.
Bottom Line?
Canterbury’s extended capital raise and imminent exploration results set the stage for a pivotal phase in its copper project development.
Questions in the middle?
- Will the Scoping Study at Briggs confirm the viability of a large-scale copper operation?
- How will the results of the deep diamond drilling influence Canterbury’s resource estimates?
- What impact will the capital raise have on the company’s share structure and investor sentiment?