Coolabah Metals is a minerals exploration company that was incorporated on 28 July 2021 for the purpose of identifying, acquiring and developing prospective copper, gold and base metal assets throughout Australia.

Since incorporation, the Company has acquired or entered into agreements to acquire (subject to satisfaction of the conditions precedent) a 100% legal and beneficial interest in a number of tenements comprising three separate projects in New South Wales and Queensland being the Nymagee Project, the Coolabah Project and the Gunpowder Creek Project (together, the Projects).

The Company is currently the registered holder of three granted exploration licences that form part of the Coolabah Project and has entered into a binding tenement sale agreement with Bacchus Resources Pty Ltd (Bacchus or the Vendor) dated 23 August 2021 (Acquisition Agreement), pursuant to which the Company will acquire (subject to satisfaction of the conditions precedent) a 100% legal and beneficial interest in the Sale Tenements, being the remaining tenements making up the Projects.

Offer Details

The Public Offer is an offer of 30,000,000 Shares at an issue price of $0.20 per Share, to raise $6,000,000 (before costs). The principal purposes of the Public Offer are to: 

• Complete the acquisition of the Sale Tenements in accordance with the Acquisition Agreement;
• Implement the business model and objectives of the Company (as set out in Section 3.3);
• Provide funding for the purposes set out in Section 3.6; (c) meet the expenses of the Offers (as set out in Section 9.7);
• Provide for general administration and working capital needs;
• Enhance the public and financial profile of the Company to facilitate its growth;
• Continue to provide the Company with access to equity capital markets for future funding needs; and
• Meet the requirements of the ASX and satisfy Chapters 1 and 2 of the ASX Listing Rules, as part of the Company’s application for admission to the Official List.

The Directors are satisfied that on completion of the Offers and admission of the Company to the Official List, the Company will have sufficient funds to carry out its stated objectives.

Loyalty Options

The Company may, at the sole discretion of the Board, undertake a pro-rata non-renounceable entitlement issue of loyalty Options in which eligible Shareholders registered on the share register of the Company at a record date, determined by the Board, will be entitled to participate. Should the issue proceed the record date is expected to be within 6 months of Admission.

The future issue of Loyalty Options would be offered under a separate prospectus that, for a nominal issue price per Option, one (1) loyalty Option will be granted for every two (2) Shares held by eligible Shares on the record date (other than Shareholders with a registered address outside of Australia). It is expected that the loyalty Options will be exercisable at $0.25 with an expiry date approximately 3 years from the date of issue.

There is no certainty that the Company will undertake a loyalty Options offer. Should the offer proceed, eligible Shareholders who wish to participate will need to complete an application form that will accompany a separate prospectus, which will be provided by the Company in accordance with the ASX Listing Rules for pro-rata offers. 

To learn more, or if you would like to get involved in the IPO, please register below.