Solis Minerals Limited has raised A$4.5 million to advance drilling activities at its copper targets in Peru. The placement involves the issuance of CHESS Depository Interests and is divided into two tranches. Funds will support drilling at Ilo Este and Chancho al Palo, pre-drilling work at the Cinto Project, and general working capital. Shareholder approvals are required for the second tranche scheduled for March 2025.
Solis Minerals Limited (SLMFF) has successfully raised A$4.5 million through a placement involving institutional and sophisticated investors, including A$205,000 from Directors pending shareholder approval. The placement allows for the issuance of CHESS Depository Interests at A$0.085 per share with an option exercisable at 16 cents. The funds are allocated to various projects in Peru and will be executed in two tranches.
The funds raised will primarily support drilling activities at the Ilo Este and Chancho al Palo copper targets, as well as pre-drilling efforts at the Cinto Project. Additional funding will facilitate regional target definition work and general working capital requirements. The placement will occur in two phases, with Tranche 1 aiming to raise A$1.87 million through the issuance of 21,961,220 shares, and Tranche 2 targeting A$2.63 million through 30,979,957 shares pending shareholder approval in March 2025.
Solis Minerals has received drilling permits for the Chancho al Palo project, with further approvals expected shortly. The company has a substantial land position of approximately 70,000 hectares in Peru’s highly prospective Coastal Copper Belt. The funding bolsters Solis’s drilling initiatives at strategic copper targets in southern Peru and supports ongoing exploration efforts.
Solis’s newly appointed CEO, Mitch Thomas, highlighted the company’s successful establishment of a significant landholding and expressed gratitude for the strong investor support. He emphasized that the capital raised positions Solis favorably ahead of the upcoming drilling activities focused on Ilo Este and Chancho al Palo, which are set to commence soon.
2025 is anticipated to be a pivotal year for Solis Minerals, with a steady stream of news expected from their drilling program across multiple prospects. Investors are optimistic about the potential discoveries as the company begins its drilling campaign at the outlined copper targets.
In summary, Solis Minerals has secured A$4.5 million in funding, which will significantly enhance its exploration and drilling initiatives in Peru’s Copper Belt. With strategic allocation aimed at enhancing its key projects like Ilo Este and Chancho al Palo, the company is optimistic about the forthcoming year. The firm commitments from investors demonstrate confidence in Solis’s exploration potential, setting the stage for notable developments ahead.
Original Source: www.stocktitan.net
