Questcorp Mining (CSE:QQQ) has closed a private placement to raise C$2.7 million ($2.97 million) which will be used to complete the acquisition of the La Union Project in Mexico.
In September 2024, the company entered into a letter of intent with Riverside Resources (TSX-V:RRI) to acquire the La Union Project for C$100,000 cash and spending C$5.5 million in expenditure.
Under the placement, 45.83 million units were issued at $0.06 per unit. Each unit comprises one share and one common share purchase warrant entitling the holder to acquire a further share at $0.10 until 19 March.
Alongside the La Union Project acquisition, Questcorp says the funds will be used to continue exploration at the North Island Copper Property in Vancouver Island, Canada.
The North Island Copper Project contains two targets — auriferous base metal skarns associated with quatsino limestones in the east and porphyry copper mineralisation associated with the island intrusions in the west.
Questcorp Mining is a Canadian junior mineral explorer focused on discovering and developing new ground in the North American mining industry.
Write to Aaliyah Rogan at Mining.com.au
Images: Questcorp Mining
