Solis Minerals Limited has announced a successful placement to raise $5.9 million for the advancement of its Peruvian copper portfolio. The company secured commitments from institutional and sophisticated investors to support the acquisition and exploration of the Cucho copper project, ongoing drilling activities at Ilo Este, and upcoming drilling at Cinto. The funds raised will also be allocated to general working capital needs.
The Chairman and CEO of Solis have pledged to invest a significant amount as part of the funding settlement. This financial boost will facilitate the acquisition and exploration costs associated with the Cucho project and further exploration across Solis Minerals’ copper portfolio in Peru.
The Cucho project, along with the existing Ilo Este, Chancho al Palo, and Cinto projects, strategically positions Solis Minerals to discover valuable copper-gold resources in one of the world’s prominent copper-gold regions. The company aims to unearth resources that can support large-scale mining operations.
The placement received strong support from both new and existing investors and institutions, indicating confidence in Solis Minerals’ projects and the potential of the Peruvian copper market. The company’s CEO expressed enthusiasm about the upcoming exploration programs and anticipated positive news flow in the coming months.
Under the placement, Solis will issue up to 118 million CDIs (New Shares) at an issue price of A$0.05 per share, aiming to raise a total of $5.9 million in two tranches. The first tranche is expected to commence trading soon, with the second tranche, subject to shareholder approval, scheduled for early December 2025.
Proceeds from the placement will be utilized for various purposes, including acquisition and exploration costs related to the Cucho project, ongoing drilling activities at Ilo Este, and upcoming drilling at Cinto. The funds will also cater to general working capital needs to support Solis Minerals’ operations and growth initiatives.
Solis Minerals is a Latin American-focused copper-gold explorer with a vision to unlock the potential of its South American copper portfolio. The company is led by a seasoned team with extensive experience in the mining sector, particularly in South America, positioning it strategically to capitalize on growth opportunities in the region’s mineral-rich landscape.
The placement signifies a significant milestone for Solis Minerals as it gears up for an exciting phase of exploration and development in Peru. The company’s strategic investments and exploration activities are poised to contribute to the global copper market and enhance its position in the industry.
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