CuDeco Institutional Investor Capital Raised

Copper miner, CuDeco (ASX:CDU) has announced that it has raised $20 million in capital, from placing 10 million shares at $2 per share, to fund development of its Rocklands copper project. The investor is now holding 6.84 percent of Cudeco, and its identity is still a secret, but will be revealed in the coming days.

The action also will help "rebalance and stabilise” CuDeco's share register as its corporate adviser had observed that it was dominated by retail investors, in part contributed to the recent volatility in share price. "The company's corporate adviser, Azure Capital Ltd, identified that CuDeco's share register is currently dominated by retail investors and that this has contributed in part to the recent volatility in its share price," the statement said. Cudeco shares lost 64 percent in four trading days from August 18 after a resource upgrade disappointed the market, leading to a $420 million fall in the company's market value.