en.Wedoany.com Reported - Coda Minerals (ASX:COD) has raised A$6.7 million through an oversubscribed placement to institutional and sophisticated investors, to accelerate the pre-feasibility study (PFS) for its Elizabeth Creek copper mine project.

The placement was priced at A$0.13 per share, with one attaching listed option for every four shares subscribed, exercisable at A$0.15 per share and expiring on March 28, 2029.

After costs, the company will have approximately A$13 million in cash. This provides flexibility to advance multiple work streams in parallel to complete the PFS for its wholly-owned Elizabeth Creek copper-cobalt project, located in the Olympic Copper Province of South Australia.

CEO Chris Stevens said the placement enables the company to "accelerate key work streams with confidence" to advance the PFS for the Elizabeth Creek project.

Stevens noted this is a good outcome for the company, highlighting that the PFS will be a landmark milestone demonstrating the project's technical and commercial foundation. He mentioned the company was in a strong position with approximately A$7 million in cash prior to the placement.

Stevens said the decision to raise funds enables critical metallurgical locked-cycle testing, as well as additional hydrogeological and permitting-related activities. The expanded metallurgical program accelerates test work, allowing earlier resolution of key technical issues and further de-risking the project.

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