Conico Ltd is placing $950,000 in Converting Loans that will convert to Shares @ 0.50 cents each subject to shareholder approval at a General Meeting of the Company to be held on or before 6 June 2025. The Placement is being undertaken pursuant to shareholder approval at a General Meeting of the Company prior to 6 June 2025 and s708 Corporations Act (cwth) 2001. Following the General Meeting, the Company will undertake a fully underwritten 5 for 9 non-renounceable Rights Offer to raise approximately $1.45 million before expenses. Funds from the Placement and rights Offer will be applied to exploration expenses at Mt Thirsty and East Greenland and for working capital expenses.
Conico Limited (ASX:CNJ)
CON1
Lead Manager
Offer Price
A$0.0050
per share
Offer Size
A$950,000
Offer Details
Issue Price (Per Share)
A$0.0050
Discount
28.57%
Offer Size
A$950,000
Shares Available
190,000,000
Documents & Downloads
Company Overview
Conico Ltd is an Australian mineral exploration company, listed on the ASX under the ticker CNJ. The company is focused on the discovery and development of mineral resources, with a particular emphasis on base and precious metals. Conico's flagship projects are located in Greenland and Western Australia, regions known for their mineral potential.​
In Greenland, Conico holds 100% interests in the Ryberg and Mestersvig projects. The Ryberg project is a multi-element prospect covering 4,521 km² on Greenland's east coast, approximately 430 km northwest of Iceland. The Mestersvig project includes the historic Blyklippen Mine, which produced 545,000 tonnes of ore at 9.9% zinc and 9.3% lead. In Western Australia, Conico holds a 50% interest in the Mount Thirsty Joint Venture, located 16 km northwest of Norseman. This project is considered one of Australia's most advanced genuine cobalt projects, with a pre-feasibility study completed in 2020.​
Discount
VWAP
Price (c)
Conversion Price (c)
Discount
Last Price
0.7
0.5
29%
5-day
0.69
0.5
28%
10-day
0.75
0.5
33%
Board & Management
Greg Solomon
Chairman
Mr Solomon has practised as a commercial/corporate lawyer in Western Australia for more than 25 years. During that time he has had a very broad range of experience in mining, technology, corporate, commercial, finance and property law. He has been involved in advising many companies on a wide range of projects and joint ventures in many parts of the world and has had extensive international experience in commercial negotiation on a wide range of projects.
For many years he has been involved in the mining/exploration industry, as both a legal adviser and as a participant and director on various mining projects in Australia, Indonesia and the Philippines. He was involved, as both a legal adviser and as a director, in the establishment and floating of two mining/exploration companies and has held several public company directorships over a period of more than 15 years. He has been a director of Tasman Resources NL since the time of its incorporation in 1987.
Guy Le Page
Executive Director
Mr Le Page is an Executive Director of Conico, having joined the board in March 2006. He is also currently a Director & Corporate Adviser of RM Corporate Finance and is actively involved in a range of corporate initiatives from mergers and acquisitions, initial public offerings to valuations, consulting and corporate advisory roles. Mr Le Page was Head of Research at Morgan Stockbroking Limited (Perth) prior to joining Tolhurst Noall as a Corporate Advisor in July of 1998. As Head of Research, Mr Le Page was responsible for the supervision of all Industrial and Resources Research. As a Resources Analyst, Mr Le Page published detailed research on various mineral exploration and mining companies listed on the Australian Securities Exchange. The majority of this research involved valuations of both exploration and production assets. Prior to entering the stockbroking industry, he spent 10 years as an exploration and mining geologist in Australia, Canada and the United States. His experience spans gold and base metal exploration and mining geology, and he has acted as a consultant to private and public companies. This professional experience included the production of both technical and valuation reports for resource companies. Mr Le Page holds a Bachelor of Arts, a Bachelor of Science and a Masters’ Degree in Business Administration from the University of Adelaide, a Bachelor of Applied Science (Hons) from the Curtin University of Technology, a Graduate Diploma in Applied Finance and Investment from the Financial Securities Institute of Australia and a Graduate Diploma in Financial Planning from Kaplan.
Doug Solomon
Non-Executive Director
Doug has had extensive experience in many areas of law including real property, property development law, strata titles law, conveyancing and settlements, finance and securities, leasing, planning and environmental law, corporations law and business associations, commercial law, construction law, commercial litigation and alternative dispute resolution, contract law, statutory interpretation, franchising, administrative law, recoveries, insolvency, trusts, trade practices and competition and consumer law, insurance and torts law, public and professional liability and general legal services.
His work in all these areas has covered many major commercial and litigious matters and has involved a very wide range of international, national, governmental and local clients. Doug has acted and continues to act as a director of a number of public companies. Doug has appeared as counsel in all Western Australian and federal courts (including the High Court) and tribunals on a very wide range of commercial and other litigation matter
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