Rupert Verco, CEO of Cobra Resources PLC (LSE:COBR) (Cobra Resources PLC (LSE:COBR)) talks to Proactive London about raising gross proceeds of about £945,000 from a placing yesterday.
It placed 63mln shares at 1.5 pence each and will use part of the funds to finance exploration work this year.
He says they're pleased to see the level of interest shown in this oversubscribed raise, which he believes puts the company in a 'position to execute its exploration work programme from which we expect to generate considerable news flow'.