Marimaca Copper Corp (ASX:MC2) is conducting a private placement to raise US$17.7 million ($27.23 million) to advance its flagship namesake project in northern Chile.
Under the non-brokered capital raise, 5.311 million shares will be issued at C$4.60 per share. The placement is expected to close on or about 6 June 2025, subject to receiving all necessary approvals.
The placement is expected to be subscribed for by existing insider shareholders including Assore International Holdings and Ithaki. Both shareholders will subscribe for 2.25 million shares and contribute C$10.35 million.
An additional institutional investor together with its affiliates will subscribe on the same terms for the remaining shares.
CEO Hayden Locke says the company is focused on continuing to explore and advance the Marimaca Project toward development.
“Their commitments reflect their confidence in the long-term potential of the Marimaca Project,” Locke says.
The Marimaca Copper Project hosts the Marimaca oxide deposit which is an iron-oxide copper gold-type deposit. The company is focused on progressing the project through to a Definitive Feasibility Study led by Ausenco Chile.
Concurrently, the company is exploring its land package in the Antofagasta region, including the more than 15,000 hectare Sierra de Medina property, located 25km from the Marimaca oxide deposit.
Write to Aaliyah Rogan at Mining.com.au
Images: Marimaca Copper Corp
