In its report to the market, Coppermoly said the funds raised from the placement and convertible Notes will be used to fund exploration on the Company’s tenements and other working capital requirements. "This capital raising secures enough funding for the Company to recommence its exploration plans.
"The Company will concentrate its immediate efforts on the most advanced project, the Mt Nakru tenement, which includes the Nakru 1 and adjacent Nakru 2 prospects where drilling in 2014 intersected high grade near-surface copper mineralisation. "The exploration effort will also be expanded to other targets on the Nakru tenement," the company stated.
Coppermoly reported that an internal review conducted in late July 2014 also produced a short list of regional targets as candidates for the Company’s next field work, subject to a data review. These targets include Nakru 3, Nakru 4, Nakru 2 Northwest, Malolo Creek, Mt Misusu and Pulding.
The extent of the exploration effort will depend on the availability of funds after executing the exploration plans on Nakru 1 and Nakru 2 prospects. "The prime objective is to use these funds to best add value to Coppermoly by exploration.
"As stated at the Company’s recent AGM it is the primary goal of all directors and employees of Coppermoly to realise the full value of its exploration assets and increase shareholder returns," the company reported. Coppermoly’s two main projects include the Nakru-01 copper-gold system containing 233,400 tonnes of copper and the large 700,000 tonne copper deposit at Simuku in West New Britain province.