Solis Minerals Secures A$4.5 Million for Copper Exploration in Peru
Solis Minerals Limited has raised A$4.5 million through a placement to institutional investors. The funds will support drilling at Ilo Este and Chancho al Palo, and pre-drilling efforts at the Cinto Project. The placement consists of shares priced at A$0.085 each with options for investors. CEO Mitch Thomas highlighted strong investor support and positive prospects for Solis’s copper exploration in Peru.
Solis Minerals Limited has successfully secured a total of A$4.5 million in a placement from institutional and sophisticated investors, of which A$205,000 comes from its Directors, pending shareholder approval. The shares are being offered at A$0.085 each, accompanied by a 1:2 unlisted option exercisable at 16 cents, with a two-year term. This substantial funding will primarily be allocated to support key drilling efforts at the Ilo Este and Chancho al Palo copper targets in Peru, as well as pre-drilling work at the Cinto Project and general operational expenses.
The placement will unfold in two phases, with the first tranche raising A$1.87 million through the issuance of approximately 21.96 million shares, while the second tranche will aim to raise A$2.63 million through an additional 30.98 million shares, contingent upon shareholder approval in March 2025. Notably, drilling permits for the Chancho al Palo project have already been obtained, and remaining necessary approvals are anticipated shortly.
CEO Mitch Thomas remarked on the placement’s strong support from investors and expressed enthusiasm about Solis Minerals’ significant landholding, which spans nearly 70,000 hectares in Peru’s Coastal Copper Belt. He emphasized the clear identification of prospective copper targets through systematic exploration. The funds raised will bolster upcoming drilling programs and overall exploration efforts across Solis’s growing copper portfolio, promising an exciting year ahead.
Overall, this capital infusion positions Solis Minerals favorably for advancing its ambitious plans in copper exploration, specifically targeting the high-potential Ilo Este and Chancho al Palo sites. The company remains optimistic about its future operations, as it prepares to commence drilling and further define regional targets amidst a strong focus on enhancing shareholder value.
In summary, Solis Minerals has successfully arranged a A$4.5 million placement to support drilling activities in Peru’s lucrative copper region. The funds will significantly enhance the company’s exploration efforts at various projects. With strong backing from investors and existing permits in place, Solis is well-positioned for strategic developments in the coming years.
Original Source: www.stocktitan.net