Solis Minerals Limited has announced a successful placement to raise A$4.5 million for its exploration initiatives in Peru. The funds will primarily support drilling at key copper targets and pre-drilling work at another project. The CEO highlighted this backing as a strong endorsement of the company’s potential in the region.
Solis Minerals Limited has announced a significant placement to raise A$4.5 million via firm commitments from institutional and sophisticated investors. This includes a commitment of A$205,000 from company Directors, pending shareholder approval. The funds are earmarked for drilling at its Ilo Este and Chancho al Palo copper targets in southern Peru, pre-drilling efforts at the Cinto Project, and associated regional exploration and working capital needs.
The Ministry of Energy and Mines in Peru has issued a drilling permit for the Chancho al Palo site, with additional approvals anticipated shortly. Solis will issue 52,941,177 CHESS Depository Interests (CDIs) at A$0.085 per new share, alongside an unlisted option exercisable at 16 cents, to fund its comprehensive exploration strategy across its copper portfolio in Peru’s Southern Coastal Belt.
Mitch Thomas, CEO of Solis, expressed enthusiasm over the substantial backing for the placement, indicating it reflects the recognized quality of Solis’s drill-ready targets. He noted the company is positioned well financially ahead of drilling initiatives, set to commence at Ilo Este and Chancho al Palo. Thomas emphasized that 2025 holds potential for significant developments and communications from ongoing drilling efforts across various prospects.
Solis’s Placement is structured to issue 13,176,732 New Shares under its 15% capacity per ASX Listing Rule 7.1, along with 30,979,957 New Shares in a second tranche, pending shareholder approval. Additionally, directors’ investments are subject to shareholder approval as part of this tranche. Euroz Hartleys Limited and GBA Capital Pty Ltd have been appointed as Joint Lead Managers for this placement.
In summary, Solis Minerals Limited has effectively secured A$4.5 million to enhance its exploration activities in Peru’s copper-rich regions. This funding will facilitate key drilling operations and regional evaluative work, marking an exciting phase for the company as it prepares for a productive year ahead. The support from diverse investors underscores the confidence in Solis’s strategic plans and the potential of its projects.
Original Source: www.tradingview.com
