Andean Silver (ASX:ASL) has doubled its share purchase plan to raise a total of $6 million for accelerated drilling at the Cerro Bayo Silver-Gold Project in Chile.
The company says the increase is reflective of “shareholder demand”, with applications totalling $18 million before closing on 29 December 2025.
The plan was open to 2,945 eligible shareholders to subscribe up to $30,000 in shares. Andean received applications from 977 eligible shareholders, indicating a participation rate of around 26% and average application amount of $23,000.
Andean has issued 3.24 million shares from this share purchase plan, bringing the total financing offer, which includes a placement, to a total of $36 million.
Funds raised from this offer will be used to accelerate drilling campaigns at Cerro Bayo, targeting resource growth, resource conversion, and regional exploration.
Chairman David Southam says remaining funds will also be used to advance project studies and evaluate land acquisitions surrounding the Cerro Bayo Project area.
“The demand for the share purchase plan was exceptionally strong, reflecting the rapid progress we are making at the Cerro Bayo Project and our ability to unlock an abundance of opportunities to drive growth and value creation,” Southam says.
“Andean is uniquely placed in the silver market with its significant existing infrastructure, which will help deliver a capital-light restart in the quickest and most efficient manner.”
As reported by Mining.com.au, Andean listed on the US OTCQX Best Market in July 2025 in order to better engage with North American investors.
The Cerro Bayo Silver-Gold Project has historically produced over 45 million ounces of silver and 650,000 ounces of gold over a 15-year timeline.
Andean wholly owns the Cerro Bayo mine, comprising more than 70 exploration concessions and surface properties for 282km2 of the Laguna Verde district and processing facilities.
Write to Maddison Elliott at Mining.com.au
Images: Andean Silver
