Solis Minerals is raising $4.5 million via CDIs for drilling programs in Peru. The funds will target copper projects including Ilo Este and Chancho Al Palo, while also supporting regional exploration efforts. CEO Mitch Thomas highlights the company’s established landholding and financial readiness for upcoming drilling activities.
Solis Minerals (ASX:SLM) is in the process of raising $4.5 million through a placement of CHESS Depositary Interests (CDIs) aimed at funding its drilling initiatives in Peru. This placement allows investors to acquire CDIs at $0.085 per new share, accompanied by a half-share option at $0.16 for a two-year period. Euroz Hartleys and GBA Capital are appointed as the joint lead managers for this operation.
With a market capitalization of $8.78 million, Solis Minerals’ directors plan to invest $205,000 in the second placement tranche, pending approval from shareholders. The raised capital will primarily support ongoing drilling activities at the Ilo Este and Chancho Al Palo copper targets, as well as advance geochemical, geophysical, and permitting processes at the Cinto Project. This funding enables anticipated drilling in the latter half of the year.
Additionally, the funds will facilitate regional exploration at Solis’ other projects, notably the Chocolate and Canyon sites. CEO Mitch Thomas announced the establishment of a significant landholding covering nearly 70,000 hectares in Peru’s Coastal Copper Belt, where early-stage exploration has pinpointed numerous prospective copper targets.
“We are delighted to receive such strong support for the placement demonstrating the recognised quality of Solis Minerals’ drill-ready targets in the copper-rich region of southern Peru,” said Thomas. He emphasized the company’s solid financial standing and readiness to commence drilling across priority targets, particularly at Ilo Este and Chancho al Palo, where necessary approvals are expected soon.
The Ilo Este Project features a large copper porphyry system enriched with gold, silver, and molybdenum, located within Peru’s coastal copper belt. Solis Minerals operates with a strategic focus on copper exploration in South America, managing a portfolio covering 65,100 hectares.
In summary, Solis Minerals is actively pursuing a $4.5 million capital raise to enhance its drilling capabilities in Peru, with notable investments from its directors. This strategic financing will support various copper-related projects and the company’s strong exploration potential in a highly regarded mining region.
Original Source: mining.com.au
