Cobre Limited (ASX: CBE) has successfully raised A$90 million through a two-tranche institutional placement to accelerate development and production activities at its Sierra Atacama copper project in Chile. The company issued 300 million new shares at a price of A$0.30 per share. This capital injection, supported by major shareholders including Tribeca Investment Partners and Strata Investment Holdings, is intended to strengthen the company’s balance sheet while funding a multi-faceted growth strategy.

The proceeds will be primarily directed toward increasing the company’s ownership stake in the project. Significant capital is also allocated for debt repayment, a planned 1,500 tonne-per-month plant upgrade, and ongoing exploration efforts, which include near-mine, resource, and high-grade sulphide drilling. A smaller portion of the funding is earmarked for corporate costs and activities at the company's projects in Botswana.

The financing process is structured in two distinct phases. Tranche 1, which aims to raise A$72 million, is currently underway. Settlement for these shares is scheduled for 15 July 2026, with allotment and commencement of trading expected to follow on 16 July 2026.

The remaining A$18 million under Tranche 2 is subject to shareholder approval. The company expects to convene an Extraordinary General Meeting in late August or early September 2026 to seek this authorization. The settlement and allotment of the final tranche of shares are subsequently targeted for the same late August or early September timeframe, marking the conclusion of this capital-raising initiative.

Read the full announcement: Cobre Completes A$90M Institutional Capital Raise