Core placed the rest of the rights issue shortfall, raising a further $550,354 before costs: 18,345,154 shares at $0.03, each with a free option (10c, expiring 31 Oct 2014). This completes the June 2013 raising and funds Albarta exploration.
What it means for a shareholder
18.3m new shares at $0.030 to raise about $550,354. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
EL 29689, the last Albarta application, has been granted, so the 20-tenement, roughly 2,000km2 project is fully granted. The release comes with a presentation repeating known results; it targets drill-ready targets in Q4 2013. The grant ends the pending-licence thread.
Core highlights the Virginia copper prospect on its EL 29689 application: a stratiform copper horizon over 1km, with historic rock chips typically 1-5% Cu and up to 34%. The data is from previous explorers; there has been no drilling or geophysics. Core plans fieldwork once the licence is granted.
June 2013 quarter: Albarta's first exploration returned Blueys silver soils, a Copper King copper field, Mordor targets and Paradise Well anomalies; Fitton uranium drilling was restated. Issued capital is now 63,455,586 shares and 14,375,142 listed options. Cash figures are not shown in the text provided.
Soil sampling at Albarta's Blueys prospect found silver up to 25,250ppb, well above the 100ppb anomalous level. A new neighbouring Inkheart prospect peaked at 19,552ppb. Core takes this as a sign of mineralisation at depth; infill soils and mapping follow. No drilling yet.
9 July 2013capital raising announcement● NeutralMajor
The rights issue closed 4 July with 14,375,142 shares (about $431k at 3c) taken up or applied for, against a maximum of 32.7M. The remaining 18,345,154 shares and options can be placed within three months. Funds are subject to cleared funds.
What it means for a shareholder
14.4m new shares at $0.030 to raise about $431,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Core reports a new Paradise Well South prospect, with two rock samples at 1.1% Cu, 2.5km south of the original find. Soil sampling shows kilometre-scale copper and silver anomalies. Follow-up mapping, soils and geophysics are planned; no drilling yet.
Core says its new 100%-owned application EL 29689 (310km2) hosts a large copper field, with a 5km copper soil anomaly. The rock chips of up to 14.3% Cu and 72.3 g/t Au are historic, from previous explorers. Core plans its first geophysics there in the September quarter.
Core is mailing the rights issue prospectus, a supplementary prospectus lodged 19 June, and entitlement forms on 20 June. Terms are unchanged: about 32.7M shares at $0.03, first $360,000 underwritten. The supplementary's content is not visible in the text provided.
What it means for a shareholder
32.7m new shares at $0.030 to raise about $981,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Mapping at Paradise Well in the Albarta project found a new copper-bearing (malachite) zone up to 10m wide and about 160m long, 100m from April's samples. Magnetite association suggests possible IOCG style. Rock chip and soil assays are due in coming weeks; no assay numbers yet.
Rights to the 3-cent issue began trading on ASX (code CXOR) on 12 June, running to 27 June, so holders can sell or buy rights. The text puts the issue price at a 39% discount to the last trade of 4.9c. Administrative.
Core highlights copper-nickel-platinum group metal targets on its 100%-owned Mordor tenement in Albarta, mostly from earlier Rio Tinto work (30.4m @ 0.25% Cu at Braveheart). Core calls them 'walk-up' drill targets and says Mordor may suit a joint venture.
Standard letter to eligible shareholders restating the 2-for-3 rights issue at 3 cents with a free 10c option (to 31 Oct 2014), up to about $0.98M, Patersons as underwriter. Funds go to Albarta targets and working capital. Closes 4 July; no new terms.
Prospectus for the rights issue: about 32.7M new shares at $0.03 to raise up to about $981,609, with one free option per share. First $360,000 (12M shares) underwritten by Patersons; offer closes 4 July, new shares trade around 15 July. Detail of an already-announced raising.
What it means for a shareholder
32.7m new shares at $0.030 to raise about $981,609. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
5 June 2013capital raising announcement● NeutralMajor
Core launches a 2-for-3 renounceable rights issue at 3 cents per share to raise up to about $1m, a 38% discount to the last close, with a free 10c option attached. Underwritten to $360,000 by Patersons. Funds go to Albarta and Fitton target work.
Compliance letter to optionholders: existing options carry no right to join the rights issue unless exercised before the 18 June record date. Exercise is not compulsory, and the letter notes the options are not in the money.
Letter telling shareholders with registered addresses outside Australia and New Zealand they are ineligible for the rights issue, citing small numbers and compliance cost. Administrative.
3 June 2013listing compliance notice● NeutralMajor
Core asked for a voluntary trading suspension from 3 June 2013 pending a capital raising announcement, to last until an announcement or 5 June at the latest. This starts a new capital raising thread.
First assays from the second Fitton program confirm thick uranium at Scott Lee: 60m @ 482ppm U3O8 (including 4m @ 3,100ppm) in SLRC028, and 75m @ 268ppm in SLRC029. This backs up the earlier scintillometer readings; remaining assays are due late May.
SAREIC conference slides on the Albarta IOCG project (20 tenements, over 2,000km2) and Yerelina, covering regional prospectivity and current soil, mapping and geophysics work. Background material; no new results shown in the text provided.
Quarter to 31 March 2013: second Fitton program drilled 23 holes (1,836m) extending Scott Lee, with assays pending; Albarta silver/copper and Yerelina results restated. Issued capital 49,080,444 shares and 10.75m options. Cash figures are not shown in the text provided.
Media release on a SAREIC conference talk by the exploration director, pitching Albarta (20 tenements, over 2,000km2) and Yerelina silver-lead-zinc as the two prime prospects. It repeats known surface results; no new data.
Paydirt Uranium Conference presentation repeating the Fitton uranium discovery (5m @ 0.25% U3O8), recent scintillometer readings and Albarta copper results. Says assays from the second Fitton drill program are due in May. No new results.
Media release of the Managing Director's Paydirt conference address, restating Fitton's best 2012 results (5m @ 0.25%, 14m @ 0.10% U3O8) and drilling over 1km of strike. Assays from the new program are expected early May. No new results.
