Solis Minerals (ASX:SLM) has concluded tranche two of a previously reported placement of $4.5 million as the group seeks to fund ongoing drilling programs across its Peru projects.
Under the second tranche, 30.97 million CHESS Depositary Interests (CDIs) shares were issued over common shares at $0.085 per share, alongside 26.47 million unlisted options exercisable at $0.16 with a two-year term. Tranche two raised a total of $2.63 million.
A further 294,118 CDIs and 147,059 unlisted options at the same issue prices were issued to raise an additional $25,000.
As Mining.com.au previously reported, Solis will use the funds for drilling at the Ilo Este and Chancho Al Palo copper targets, as well as geochemical, geophysical, and permitting work at the Cinto Project to enable drilling in the second half of this year.
The funds will also be used for regional exploration work to undertake drilling across Solis’ other projects including the Chocolate and Canyon projects.
Solis closed the first tranche, which raised $1.86 million, in early March 2025.
Euroz Hartleys and GBA Capital acted as joint lead managers to the equity raise.
Solis Minerals is an emerging mineral explorer focused primarily on discovering copper in South America.
Write to Aaliyah Rogan at Mining.com.au
Images: Solis Minerals
