Gold Fields boosts stake in copper explorer Chakana
JSE- and NYSE-listed Gold Fields has increased its interest in Chakana Copper by participating in the Canadian exploration company’s private placement.
Gold Fields Nazca Holdings on November 3 purchased 8 555 643 units of Chakana, which owns the Soledad copper/gold/silver project in Peru.
Each unit consisted of one common share and one common share purchase warrant at C$0.04 per unit for total gross proceeds of C$342 225.76.
The warrants are exercisable at C$0.06 a share for a period of 24 months.
The transaction increased Gold Fields’ ownership in Chakana from 17.44% to 19.9%.
Chakana previously announced a private placement of 20 541 495 units at C$0.04 each for gross proceeds of C$821 659.84.
Besides Gold Fields, the company’s directors and officers purchased an aggregate of 3 185 852 units in the first tranche of the placement for proceeds of C$127 434.09.
“We are excited to see such strong support in this financing from Gold Fields and other investors in this first tranche. Completing the second tranche will allow us to continue our aggressive exploration programme at our Soledad copper/gold/silver discovery in Peru,” said president and CEO David Kelley.
Chakana plans to use the net proceeds of the placement for 2 400 m of exploration drilling and advancement of the Soledad project.
In June, the company received approval to drill several targets on the southern-half of the Soledad project, including the Mega-Gold porphyry target, the La Joya high-sulphidation epithermal target, and additional high-grade outcropping tourmaline breccia pipes.
A small portion of the proceeds of the private placement will be used for general working capital and administrative purposes, including salaries payable to non-arms-length parties.
Comments
Research Reports
Projects
Showroom
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
