Central Copper Resources (CCR) has successfully completed its US$3-million capital raise for the acquisition of Armada Minerals in Zambia.
Minningweekly reports that the company has also completed the acquisition of Armada, which holds the Lunga project, in Zambia
The UK-registered minerals exploration company will also use the capital raise to launch its initial public offering (IPO).
Company CEO Kevin van Wouw says the funding will allow the company to advance operational activities at all assets while completing its IPO on the Aim.
A portion of the proceeds from the IPO will be directed towards Lunga to advance this highly-prospective licence.
Mr Wouw says Armada will be an important addition to its portfolio. “Its Zambian assets are expected to complement our assets in the Democratic Republic of Congo,” he enthuses.
He points out that the company is undertaking confirmatory work at these assets, after having completed a prefeasibility engineering portion of a study at the Mbamba Kilenda project.
“CCR can now start to accelerate its development and exploration operations across its two assets with the goal of becoming a new prominent copper mining developer and producer in Africa,” acclaims Van Wouw
The fundraise includes a US$2-million investment from a TSX- and NYSE-listed investor.
CCR will now seek to finalise the necessary documentation ahead of its planned IPO next quarter.