The company will utilize this amount for next phase exploration and drilling activities at its TUR project, studies and exploration at its Canadian gold and nickel projects as well as for general working capital purposes.

With drill rig already on site, exploration at TUR is scheduled to resume in the coming weeks, along with RC and diamond core drilling, as well as a VTEM (airborne electromagnetic) survey.

In addition to further testing the TUR gravity anomaly, the current TUR exploration phase will test economic concentrations of the mineralisation styles intersected in the recently completed inaugural drilling programme.

Corazon managing director Mr Brett Smith said: "We will now be fully funded for the next phase of high-impact exploration of this very large mineralised system."

The placement will be completed in two tranches, with up to approximately 61.2 million shares to be issued in tranche one while the remaining shares will be issued in tranche two and is subjected to shareholder approval.