Coppermoly (ASX: COY) has raised $150,000 to fund working capital and early stages of planned follow-up exploration at its Papua New Guinea tenements.
The funds were raised through an issue of of 4,545,454 shares at $0.033 each to professional and sophisticated investors.
Recent assays from the Pulding copper and molybdenum prospect at its Makmak tenement have confirmed iron oxide, copper gold (IOCG) type deposit potential with results of up to 2.39% copper and high grade iron ore.
The company compared the mineralisation to IOCG mineralisation mined in Chile and Peru for iron ore and copper.
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