InvestSMART

Corella Resources Ltd (ASX:CR9)

ALERT: Price-sensitive ASX Announcement for CR9
Current share price for CR9 : $0.011 0.009 (340%)+
Announcement
Release
2 May 2025 6:42PM
Price at Release
$0.003
Full Release
download
Summary
Corella Resources Ltd (ASX: CR9) has announced a successful capital raising via a Placement to raise $900,000 by issuing approximately 33.3 million new shares at $0.027 each, primarily to fund drilling and test work at its Tampu Kaolin Project in Western Australia and for general working capital. The Placement, significantly supported by investors, includes $150,000 in director participation pending shareholder approval. With the issue price at a notable discount to recent trading prices, the Placement is expected to settle around 13 June 2024, and the funds will enable Corella to commence resource definition and expansion drilling.
Key Points
  • Corella Resources Ltd (ASX: CR9) announced a successful capital raising through a Placement.
  • The Placement will raise $900,000 (before costs) via the issue of approximately 33.3 million new fully paid ordinary shares at $0.027 per share.
  • Funds raised will support resource drilling and metallurgical test work at the Tampu Kaolin Project in Western Australia, as well as working capital.
  • The Placement was strongly supported by sophisticated and professional investors.
  • Directors have committed to subscribe for $150,000 in the Placement, subject to shareholder approval.
  • The Placement price represents a 22.9% discount to the last closing price and a 24.2% discount to the 5-day VWAP.
  • Settlement of the Placement is expected on or around 13 June 2024, with shares to be issued without shareholder approval under ASX Listing Rule 7.1 and 7.1A, except for the Director participation.
  • Peak Asset Management acted as Lead Manager to the Placement.
  • Corella plans to commence resource definition and expansion drilling at the Tampu Kaolin Project as soon as possible.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.