Cooper Metals to acquire Philippine copper project for $4.9M

• Cooper Metals signed a binding agreement to acquire an 85% stake in the Colet Copper Project on Negros Island in the Philippines.
• The company secured $2.2 million in form placement commitments and launched a fully underwritten $2.7 million entitlement issue to fund the purchase.
• The acquisition expands the explorer's existing Australian copper and gold portfolio into Southeast Asian mineral deposits.

Cooper Metals (ASX:CPM) signed a binding agreement to acquire an 85% interest in the Colet Copper Project on Negros Island in the Philippines while launching $4.9 million in capital raisings.

The asset features a 2012 historical estimate of 1.19 Mt of contained copper based on 339.0 Mt at 0.35% copper.

"The Colet Copper Project is an exciting opportunity for Cooper. Previous operators completed more than 124,000m of drilling across the Don Jose and A1 deposit," said Cooper Metals Executive Director Tim Armstrong.

To finance the purchase, the business received firm commitments for a $2.2 million placement and launched a fully underwritten 1-for-4 entitlement issue to raise a further $2.7 million.

The agreement remains subject to shareholder approval and an independent expert evaluation.

Following the announcement, the Cooper Metals share price was unchanged at $0.075.

The company currently holds the Mt Isa East Copper Project alongside the Pyramid Gold Project and Gooroo Gold Project in Australia.

The business stated that it intends to continue exploration across its existing Australian assets while advancing the new Philippine property.