Camino Minerals (TSX-V:COR) has raised C$15.22 million ($15.27 million) through concurrent private placements to fund its copper portfolio and meet debt and acquisition-related obligations.
The financing comprised a brokered placement of 13.8 million units at C$0.42 each, raising C$5.80 million, and a C$9.43 million non-brokered placement of unsecured convertible debentures.
Each unit contains one Camino share and half a warrant. Each whole warrant can be exercised at C$0.55 until 26 August 2028.
Camino will use proceeds from the brokered placement to meet joint venture cash calls for the Puquios Copper Project in Chile, undertake exploration and drilling at the Costa de Cobre Project, and advance permitting and exploration across its other Peruvian projects.
Funds from the debenture placement will cover deferred payments associated with Camino’s October 2024 acquisition agreement, extension fees, and repayment of a term loan entered into in April 2025.
The debentures carry capitalised interest of 10% per annum, mature in August 2029, and can be converted into Camino shares at C$0.48 each.
Santiago Metals II Upper Holdco, which is owned by a fund advised by Denham Capital Management, acquired all the debentures.
Denham Capital and its joint actors now control about 35.4% of Camino’s outstanding shares on a non-diluted basis, down from 40.8% before the placements. This would rise to 46% if all warrants and debentures were exercised or converted.
Santiago Holdco’s participation and an investment by Camino Director Christopher Adams were related-party transactions. Both were exempt from formal valuation and minority shareholder approval requirements.
Camino is advancing copper projects in Chile and Peru through joint ventures with Nittetsu Mining (TYO:1515), including the construction-ready Puquios Project and the Costa de Cobre iron oxide copper-gold project.
Write to France Pinzon at Mining.com.au
Images: Camino Minerals
