PERTH (miningweekly.com) – South American-focused Los Cerros will raise A$20-million in a share placement to professional and sophisticated investors to fund an expanded exploration programme at its assets in Colombia.
A share placement will be undertaken in two tranches, with the first tranche of 121.8-million shares, priced at 16c each, to raise up to A$19.49-million under Los Cerros’ existing placement capacity.
The second tranche, consisting of 3.4-million shares, to raise a further A$0.54-million, will be subject to shareholder approval at a general meeting scheduled for late August.
“Again, we have been extremely pleased with the reception during this capital raise. Our success during the last 18 months has placed us on the radar of some of the most significant, influential, and experienced investors in the mining sector,” said Los Cerros MD Jason Stirbinskis.
“I see that as a resounding endorsement of the team’s performance and success and the enormous potential that remains ahead of us.”
The placement funds will be used to fund exploration at the Quinchia gold project and the Andes gold project, both in Colombia, including the calculation of a maiden mineral resource for the Tesorito South prospect and the completion of final submissions in relation to the Miraflores mining approvals.