CuDeco raises $32m for copper project

CuDeco will raise $32 million for its Rocklands copper project in a share placement agreement with UK-based M&G Investments, the company announced today.

The agreement allows for the subscription of 8 million shares at $4 per share.

Completion of the placement is subject to shareholder approval at an EGM to be held early next year.

Perth-based Azure Capital acted as corporate adviser and lead manager in relation to the placement.

CuDeco said the funds would be utilised for the construction and fabrication of the Rocklands Project in Cloncurry, Queensland.

CuDeco shares were up 6 cents to $4.23 at 12.28pm WST today.