Solis Minerals Secures A$4.5 Million for Copper Exploration in Peru

Solis Minerals Limited has raised A$4.5 million through a placement from institutional investors to fund copper drilling in Peru. This includes a significant commitment from its directors. The funds will support key projects at Ilo Este and Chancho al Palo, alongside pre-drilling work in Cinto. The placement will occur in two tranches, with drilling permits already secured for Chancho al Palo.

Solis Minerals Limited (ASX: SLM) has successfully secured A$4.5 million in a placement from institutional and sophisticated investors to bolster its exploration initiatives in Peru’s copper-rich regions. This financing involves CHESS Depository Interests priced at A$0.085 per share, along with unlisted options at a 1:2 ratio, exercisable at A$0.16 within two years. Notably, A$205,000 is pledged by the company’s directors, pending shareholder approval.

The funds from the placement are earmarked for several key activities: drilling at the Ilo Este and Chancho al Palo copper targets, pre-drilling efforts in the Cinto Project, the delineation of regional targets, and general working capital needs. The placement will be executed in two tranches: Tranche 1 will yield A$1.87 million through the issuance of 21,961,220 shares, while Tranche 2 aims to raise A$2.63 million from the issuance of 30,979,957 shares, subject to shareholder approval in March 2025.

The company has made significant strides, having received drilling permits for Chancho al Palo, with further permits expected shortly. CEO Mitch Thomas expressed confidence in the company’s strategic position, emphasizing the extensive landholdings acquired in the Coastal Copper Belt, totaling nearly 70,000 hectares. This area is recognized for its potential for significant copper discoveries.

Solis Minerals plans to utilize the newly acquired capital to advance drilling and exploration activities across multiple prospective projects, enhancing its existing portfolio. The company aims to progress drilling at Ilo Este and Chancho al Palo, alongside ongoing work at other targets such as Chocolate and Canyon Project, setting a proactive agenda for the upcoming year.

Solis Minerals Limited has effectively strengthened its financial base by securing A$4.5 million through a strategic placement aimed at advancing its copper exploration in Peru. With the allocation of funds directed towards drilling and regional exploration, the company is well-positioned to leverage its significant land portfolio in a notable mineral-rich zone. Incoming drilling activities in 2025 are anticipated to generate valuable developments, showcasing the company’s commitment to growth in the copper sector.

Original Source: www.stocktitan.net