Solis Minerals Limited has raised A$4.5 million through a placement from institutional investors to support significant drilling projects in Peru’s Ilo Este and Chancho al Palo regions. This fundraising initiative will enhance their exploration capabilities and bolster their working capital. The placement, consisting of two tranches, will commence pending shareholder approval in March 2025, with the company optimistic about its significant land position and upcoming drilling activities.
Solis Minerals Limited (SLMFF) has secured commitments totaling A$4.5 million from institutional and sophisticated investors, including a A$205,000 contribution by the Directors, pending shareholder approval. The placement features CHESS Depository Interests priced at A$0.085 per share, accompanied by an option to purchase at A$0.16 for every two shares purchased over two years.
The funds raised will facilitate key initiatives, including drilling at the Ilo Este and Chancho al Palo copper projects in Peru, pre-drilling activities at the Cinto Project, regional project target definition, and general working capital requirements. This placement will occur in two tranches: the first will yield A$1.87 million through approximately 21.96 million shares, while the second will generate A$2.63 million through around 30.98 million shares, pending approval from shareholders in March 2025.
Solis has already obtained drilling permits for the Chancho al Palo site and anticipates the necessary approvals for other initiatives shortly. The company’s substantial land position spans nearly 70,000 hectares within Peru’s Copper Belt, signifying strong potential for significant copper discoveries. The firm aims to capitalize on this with systematic exploration efforts across its extensive portfolio.
CEO Mitch Thomas stated, “Solis has successfully established a significant landholding across nearly 70 thousand hectares in the prolific Coastal Copper Belt of Peru with systematic exploration work to date across the portfolio, identifying a pipeline of highly prospective priority copper targets.” Thomas expressed optimism regarding the company’s position as it prepares to commence drilling, particularly noting the projects at Ilo Este and Chancho al Palo, and the expected momentum in 2025.
Moving forward, Solis Minerals is poised to experience substantial developments within its operations. The placement’s success and the approvals for drilling activities pave the way for deeper exploration efforts aimed at unlocking the copper potential within its expansive holdings in Peru.
The recent A$4.5 million placement by Solis Minerals highlights significant investor confidence, facilitating critical drilling and pre-drilling activities in Peru. With well-defined projects and substantial land holdings, the company is strategically positioned to advance its copper explorations. Upcoming approvals and ongoing exploration are anticipated to yield promising results in the coming year. CEO Mitch Thomas’s comments underline the importance of this phase for the company, reinforcing the optimistic outlook for Solis Minerals as it endeavors to unlock its full potential in the copper-rich region.
Original Source: www.stocktitan.net
