Irruptive Metals (TSX-V:IRR) has closed a previously announced C$60 million ($60.6 million) bought deal private placement to advance its Pimentón Copper-Gold Project in Chile.
The company issued 48 million units at C$1.25 per unit. Each unit comprises one common share and half a warrant, with warrants exercisable at C$1.65 per share for 24 months.
Canaccord Genuity led the offering as sole bookrunner and lead underwriter alongside Haywood Securities. and Velocity Trade Capital.
Irruptive Metals President and CEO Alfredo Bazo says the closing of this capital raising represents“ a significant vote of confidence in Irruptive Metals and the substantial copper-gold potential of [the] Pimentón Project.”
“With our recent drill results demonstrating geological continuity and strong mineralisation at the Central target, we are now well-funded to accelerate our exploration program,” Bazo says.
Company insiders participated for C$7.59 million, including Bazo who subscribed for 181,995 units worth C$227,494 ($229,783). Major shareholders Thomas Bata and Mercedes Juliana Benavides Ganoza de Vizquerra acquired 440,000 units and 5.45 million units, respectively.
Net proceeds will fund exploration at Pimentón, working capital, and general corporate purposes. Securities are subject to a four-month hold period expiring 11 January 2027.
According to Irruptive, Pimentón is situated within “one of the world’s most prolific porphyry copper-gold belts” and has been the subject of extensive historical exploration by major mining companies, underscoring its discovery potential.
Irruptive also granted 150,000 restricted share units to advisers and officers, vesting in equal thirds over three years.
The offering remains subject to final acceptance by the TSX Venture Exchange.
Irruptive Metals is a Canadian explorer focused on mineral projects in Chile.
Write to Paula Fabe at Mining.com.au
Images: Irruptive Metals
