Marimaca Copper (ASX:MC2) is raising $80 million to conduct detailed design, engineering, and other related workstreams for its Marimaca Oxide Deposit (MOD) in Antofagasta, Chile.
The company will issue around 8.25 million chess depository interests (CDI) at a price of $9.70 per CDI.
Macquarie Capital, Euroz Hartleys, and Beacon Securities are acting as joint lead managers to this placement, which is expected to settle on 11 September before allotment of CDIs the next day.
Alongside work at the Marimaca Oxide Deposit, proceeds will also be deployed to exploration activities at the Pampa Medina Project and the Marimaca sulphide target.
CEO Hayden Locke says the company is pleased to receive support ahead of its next phase of development and exploration across its assets.
“This raise will allow us to move expeditiously into the detailed design and engineering phase at the MOD, as well as expand the exploration program at both Pampa Medina and the Marimaca sulphides exploration target,” Locke says.
“The recent MOD Definitive Feasibility Study demonstrated a very robust starting-point in our overall regional development goals and we are grateful for the continued support to deliver on that strategy.”
Marimaca Copper is an explorer and developer focused on advancing its wholly owned flagship namesake project as well as proximal properties in the Antofagasta region in Chile.
Write to Maddison Elliott at Mining.com.au
Images: Marimaca Copper
