Great Southern Copper Secures £1.57 Million Funding for Chile Exploration

Great Southern Copper PLC has secured £1.57 million in new funding for its copper-gold exploration in Chile. This includes a £1.04 million equity investment and a £522,000 convertible loan. The investment will support drilling and exploration at the Mostaza Mine, following promising assay results from an earlier program. CEO Sam Garrett expressed enthusiasm regarding the company’s future prospects.

Great Southern Copper PLC (LSE:GSCU) has successfully raised £1.57 million to advance its copper-gold exploration initiatives in Chile. This funding comprises a £1.04 million equity investment from a financial institution along with a £522,000 convertible loan from its shareholder, Foreign Dimensions. The capital will be allocated towards the next drilling phase and exploration activities at the Mostaza Mine in Cerro Negro, which includes diamond drilling, metallurgical testing, and the costs of land holdings.

The current funding campaign follows an impressive drilling program that produced outstanding assay results from the initial drill hole, with results pending for the remaining eight holes. The equity investment was procured through the issuance of 36 million new ordinary shares priced at 2.9 pence each. Notably, the convertible loan is also priced at 2.90 pence per share, reflecting a premium above the five-day volume-weighted average price of 2.49 pence per share.

Great Southern Copper remains committed to tapping into the potential of its copper assets in Chile, particularly amid increased global demand for copper resources. “This is a very exciting moment for the company and we look forward to updating the market on our progress,” stated CEO Sam Garrett.

This latest round of investment will significantly bolster Great Southern Copper’s exploration activities in Chile, allowing for enhanced drilling capabilities and supporting ongoing projects, positioning the company favorably in the competitive mining sector.

In conclusion, Great Southern Copper’s successful acquisition of £1.57 million in funding marks a significant step in its exploration efforts in Chile. The company’s focus on advancing its drilling initiatives at the Mostaza Mine underscores its strategy to leverage the rising demand for copper. CEO Sam Garrett’s optimistic remarks about the company’s progress underscore the potential opportunities that lay ahead for investors and stakeholders.

Original Source: www.proactiveinvestors.co.uk