Craig Moulton, Director of Cobra commented: “I would like to thank all of our shareholders for their continued patience and wish everyone a very Merry Christmas.
We are excited that the company’s shares will be trading again as soon as the final regulatory approvals are completed. We are all very keen to begin our exploration programme at Wudinna, which will commence very early in the New Year.”
Cobra, is an exploration, development and mining company which today announces an update on its reverse take-over (“RTO”) of Lady Alice Mines Pty Ltd and its re-listing on the London Stock Exchange.
Lady Alice Mines Pty Ltd is the sole owner of:
– 100% of right title and interest in South Australian Exploration Licence Number 6016 (the “Prince Alfred Licence”) a formerly producing copper mine (the “Prince Alfred Mine”); and
– an entitlement to earn a 75% equity interest in 5 large tenements near Wudinna in South Australia (the “Wudinna Project”) for gold exploration.
The Wudinna Project is located on the Eyre Peninsula in the Central Gawler Gold Province, a 450-kilometre-long arcuate belt in South Australia which contains numerous mineral deposits and prospects.
In November the Company announced a three-stage geochemical sampling programme with the aim of improving the definition of targets at Wudinna prior to drilling, reducing spend and improving target definition.
Prospectus and Re-Admission:
As part of the RTO the Company has conducted a placing (subject to Admission) to raise £613,300 and has filed a prospectus with the FCA. The Company expects a Prospectus to be published and Admission to take place in early January 2020. Timing and Admission remain subject to regulatory review and approvals.
Phase 1 Sampling Programme:
The Company has been advised that all necessary access permissions and landowner consents to conduct the Phase 1 sampling programme (announced by the Company on the 25th November) have been received. This programme will focus on collecting calibration samples that will be submitted for detailed multi-element analysis, which in turn can be calibrated with drilling from known mineralisation at Barns, Baggy Green and White Tank. We are scheduled to be on site on the 7th of January to commence work. Further updates will be forthcoming as work progresses.
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