Coppermoly (ASX: COY) has raised $840,000 to fund exploration of its tenements in Papua New Guinea and repay outstanding convertible notes due for repayment on 21 January 2014.
The funds were raised through a private placement of 52,737,609 shares at $0.016 each.
It is planning to drill at the Nakru02 prospect, where exploration has yielded high grade copper, and other high priority exploration targets.
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