Canadian miner Cape Lambert Resources Limited says it plans to sell 37 million shares to raise up to US$2 million to fund further exploration work at its Kipushi Cobalt-Copper Tailings Project in the Democratic Republic of Congo (DRC).
In a statement issued on March 12, company chairman Tony Sage said the board was unanimous that the share placement, at 5.5 cents each, remained the only expedient mechanism for raising funds in a timely manner.
“The strong support shown from sophisticated European and Australian investors is a great result for the company. It enables Cape Lambert to continue exploration and developments its Kipushi Cobalt-Copper Project,” Sage said.
The increased investment in copper-cobalt exploration comes shortly after the company concluded the sale of its Miyoko Iron Ore Project, also in the DRC, for US$1 million.