Marimaca secures C$20m from Mitsubishi for Chile copper project
Toronto-listed Marimaca Copper has secured a C$20-million equity investment by Mitsubishi, the proceeds of which will be used to advance and accelerate the development of its copper project in Antofagasta, Chile.
Mitsubishi will subscribe for 4.64-million units, consisting of one common share and one common share purchase warrant at C$4.31 per unit.
“We are pleased that Mitsubishi shares our view that the Marimaca Copper project is a unique, very high quality, development stage project. Its location affords it several advantages including an expectation that it will be among the lowest carbon intensity copper producers in the industry. It is one of very few new copper projects that has the potential to deliver near term production of meaningful scale.
“Mitsubishi’s investment significantly de-risks our next phase of development and provides funding to accelerate progress toward the definitive feasibility study and permitting, while minimising dilution to our existing shareholders,” said Marimaca president and CEO Hayden Locke.
Mitsubishi will own about 5% of Marimaca’s shares on a nondiluted basis.
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