Great Southern Copper PLC on Thursday said that it has raised £905,000 before expenses to advance exploration at its projects in Chile.
The mining company, which is focused on copper-gold and lithium exploration in Chile, raised the funds through a placing of 40.2 million new shares. Each placing and subscription share has one attached warrant, exercisable at 4.5 pence for two years.
According to Great Southern Copper, the proceeds will be used to fund: further drilling at high grade targets on the Especularita project; detailed mapping and surface sampling of the Colorada lithocap; and reconnaissance work and target definition at the San Lorenzo project.
The funds will also go towards exploration at Great Southern’s recently acquired Monti Lithium project in the Salar de Atacama district.
‘The Placing and Subscription, together with cash in the business, leaves the Company capitalised to continue drilling our pipeline of high-grade copper-gold prospects at the Especularita project and continue with wider regional exploration efforts at both Especularita and San Lorenzo. We are also excited to commence exploration at our newly acquired Monti Lithium Project in the Salar de Atacama district,’ said Chief Executive Officer Sam Garrett.
Great Southern Copper shares were flat at 2.39 pence each in London on Thursday afternoon.
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