CNJ Raise

Thought this was interesting – the day before the Greenland election results:

Company: CONICO LTD
Code: CNJ
Deal Summary:

The Offer

Conico Ltd (“Conico”) is placing 66.48 million Shares @ 3 cents each (together with one for two free attaching Options to raise $1.94 million) (“Placement” or “Offer”) before expenses of the Offer. Funds will be applied to exploration for the 2021 field season commencing in early-mid June 2021 at the Company’s 100% owned Ryberg Project in east Greenland and for working capital purposes.

Summary

Conico Ltd (ASX: CNJ) (“Conico” or “the Company”) is gearing up for an aggressive exploration campaign on its Ryberg Project in East Greenland which it acquired in November 2020 through the acquisition of 100% of the issued capital of Longland Resources Ltd (“Longland”). The 2021 field season, led by Longland CEO and geologist ThomasAbraham-James, is likely to kick of with a project scale heli-borne magnetics-radiometric survey along highly prospective Permian mafics/ultramafics (Miki Fjord) and Greenstone belts (Sortekap Prospect). Previous exploration by Longland has already identified a number of drill-ready targets at Ryberg. Diamond drilling this year, commencing in June 2021, will follow up high-grade Ni-Cu-Co-Pd values coincident with electromagnetic anomalies at Miki Fjord together with Au-Ni and coincident IP anomalies at Sortekap. The Company is placing (the “Placement”) a total of 66.48 million Shares (together with 1 for 2 free attaching options to acquire Shares at 7 cents each on or before 20 January 2024) (“Options”) to raise $1.94 million (before expenses of the Placement). The Options will be issued subject to shareholder approval in May 2021. The Placement is being undertaken pursuant to s708 Corporations Act (cwth) 2001 and Chapter 7.1 ASX Listing Rules. Tasman Resources Ltd (ASX: TAS) are proposing to subscribe to up to 25 million Shares at 3 cents for $750,000 (subject to Chapter 10.1 approval at a General Meeting of CNJ).

Investment Highlights

Ryberg

• Sortekap: Newly discovered Archaean greenstone belt containing orogenic, quartz vein-hosted gold mineralisation. Surface samples up to 2.7g/t gold. The scale of the discovery may be significant as it represents geology never seen before (revealed by ice retreat). Mineralisation remains open in all directions with large IP anomaly coincident with elevated Au-Ni rock chips identified from 2020 campaign ready to drill.

• Miki Fjord + Togeda Cu-Ni-Co-PGE-Au Magmatic sulphide mineralisation over >50km strike with surface samples grading up to 2.2% Cu, 0.8% Ni, 0.1% Co, 3.3g/t Pd and 0.15g/t Au. Drill-ready VTEM targets.

Click below for more deal information.