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Culpeo Secures Funding to Advance Copper Exploration at Vista Montana, Lana Corina and Fortuna

by admin August 2, 2024
August 2, 2024
Culpeo Secures Funding to Advance Copper Exploration at Vista Montana, Lana Corina and Fortuna

Culpeo Minerals Limited (Culpeo or the Company) (ASX:CPO, OTCQB:CPORF) is pleased to announce it has received binding commitments from sophisticated and professional investors to raise approximately $2.2 million (before costs) under a placement of fully paid ordinary shares (Placement).

HIGHLIGHTS

Firm commitments received to raise approximately $2.2 million (before costs).
Strong support for the Placement received from sophisticated and professional investors, validating the high prospectivity of the Company’s copper projects in Chile.Subject to shareholder approval, Directors have also participated in the equity raising.Funds will be utilised to advance exploration programs at the Vista Montana, Lana Corina and Fortuna Projects in the coastal Cordillera region of Chile.

Culpeo Minerals’ Managing Director, Max Tuesley, commented:

“The strongly supported Placement allows us to accelerate exploration at the Vista Montana Prospect, which we believe is connected to the Lana Corina Prospect where we have made a new high-grade copper discovery, with recent drilling returning a long, high-grade intersection of 454m @ 0.93% CuEq from 90m1.

The Company thanks its existing shareholders for their support and welcomes new investors. We look forward to providing regular updates on the progress of our field programs.”

PLACEMENT DETAILS

The Placement comprises the issue of approximately 53.875 million new fully paid ordinary shares in the Company to sophisticated and professional investors at an issue price of $0.04 per share (Placement Shares), to raise approximately $2.2 million (before costs).

The Placement will be conducted by way of two tranches, comprising:

Tranche 1: 38,250,000 Placement Shares to raise approximately $1.5 million; andTranche 2: 15,625,000 Placement Shares to raise approximately $0.6 million.

Tranche 1 is expected to settle on 8 August 2024. Tranche 1 Placement Shares will be issued pursuant to the Company’s placement capacities under ASX Listing Rules 7.1 and 7.1A, in the amounts of 21,712,778 Placement Shares and 16,537,222 Placement Shares respectively, and will rank equally with the Company’s existing fully paid ordinary shares.

Tranche 2 will comprise the issue of 15,625,000 Placement Shares, including Director participation, and is subject to shareholder approval at a general meeting. Further information relating to the general meeting, which is expected to be held in early October 2024, will be provided in the coming weeks.

The Offer Price of $0.04 per Placement Share reflects a:

11.1% discount to the last close price prior to this announcement, being $0.045 per share on 30 July 2024;13.9% discount to the 5-day volume weighted average price of $0.04644 per share; and22.5% discount to the 15-day volume weighted average price of $0.05158 per share

Funds raised will be used for:

drilling at Vista Montana and Lana Corina;exploration of the Fortuna Project;project payments for Lana Corina and Fortuna; andworking capital as well as costs associated with the capital raising.

Click here for the full ASX Release

This post appeared first on investingnews.com

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