Solis Minerals Secures A$4.5 Million Placement to Advance Copper Drilling in Peru
Solis Minerals has secured A$4.5 million in a placement from institutional investors, including a commitment from directors. The funds will target drilling at Ilo Este and Chancho al Palo, among other developments. The company is positioned for significant growth, with plans to commence drilling in the coming months.
Solis Minerals Limited has announced a successful placement of A$4.5 million, attracting interest from institutional and sophisticated investors. The placement includes commitments from company directors to invest A$205,000, pending shareholder approval. The funds are earmarked for key projects, such as drilling at the Ilo Este and Chancho al Palo targets, pre-drilling initiatives at the Cinto Project, and regional exploration to establish additional drilling targets.
The company received the drilling permit for Chancho al Palo from Peru’s Ministry of Energy and Mines, with further approvals anticipated shortly. The placement will involve issuing approximately 52.9 million CHESS Depository Interests (CDIs) at A$0.085 per new share. The capital raised will support ongoing work in Solis’s extensive portfolio located in the Southern Coastal Belt of Peru.
Solis’s newly appointed CEO, Mitch Thomas, expressed confidence in the strong support of the placement, highlighting the company’s impressive landholding of nearly 70,000 hectares. This acreage is located in a renowned copper belt, where systematic exploration has yielded vital copper targets. The upcoming drilling phases, commencing at Ilo Este and Chancho al Palo, promise to deliver significant developments throughout 2025.
In summary, Solis Minerals has successfully raised A$4.5 million, signaling strong investor confidence in its copper exploration prospects in Peru. Funds will primarily support drilling activities at critical targets and facilitate further exploration efforts. With strong leadership and strategic advantages in a mineral-rich region, Solis Minerals is poised for a productive year ahead, focusing on unlocking its copper portfolio’s potential.
Original Source: www.tradingview.com
