Hot Chili raises A$13m
PERTH (miningweekly.com) – Junior copper developer Hot Chili is hoping to raise up to A$13-million through a private placement to refund its outstanding debt and fund exploration work.
The ASX-listed company on Friday said it had arranged an offering of unsecured convertible notes, with the funding to be led by lender Sprott Capital Partners.
The notes will have a maturity of five years and a conversion price of 3.3c per ordinary share, with the conversion price representing a strong premium to Hot Chili’s closing price of 2.5c a share on March 16.
The proceeds will be used to repay the company’s outstanding $6.5-million loan facility with Sprott and will provide for exploration capital for the Productora copper project, in Chile.
“Paying off our debt and ensuring the company is well-positioned with funds are key near-term financing targets for Hot Chili,” MD Christian Easterday said on Friday.
“On completion of the funding, the company will be significantly derisked and able to take advantage of improving copper market conditions and success from the drill bit.”
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