PERTH (miningweekly.com) – South America-focused Hot Chili will raise A$12.1-million through a share placement to sophisticated and professional investors, to fund work at its copper/gold project, in Chile.
The share placement, which will be priced at 3.6c a share, will be undertaken in two tranches, with the first consisting of 325-million shares to be issued under Hot Chili’s existing placement capacity.
The first tranche will raise an initial A$11.7-million.
A second tranche of 11.11-million shares will raise an additional A$400 000, and will be subject to shareholder approval.
Hot Chili MD Christian Easterday on Monday said that the placement was significant step for the company.
“We are very pleased to be attracting new high quality investors to the company who share our view that Cortadera is showing all the hallmarks of a company-maker. This funding support allows Hot Chili to maintain its ability to control 100% of Cortadera through the most value accretive stages of a major global discovery.”
Easterday said that the company would continue to advance its longer-term strategic funding discussions, while focusing efforts to establish Cortadera’s credentials as one of the world’s top potential stand-alone copper/gold developments.