Solis Minerals Limited has secured A$4.5 million through a placement aimed at institutional and sophisticated investors. This funding will support drilling at key copper targets in Peru, including Ilo Este and Chancho al Palo, as well as pre-drilling and regional activities. The placement will occur in two tranches, with key approvals pending from shareholders. The company is set to strengthen its financial position for 2025 with this capital injection.
Solis Minerals Limited (SLMFF) has successfully secured commitments for a A$4.5 million placement from institutional and sophisticated investors, which includes A$205,000 from Directors pending shareholder approval. The placement will consist of CHESS Depository Interests (CDIs) at a price of A$0.085 per share, paired with a 1:2 unlisted option exercisable at A$0.16 valid for two years. The capital raised will be allocated to various key projects in Peru, particularly involving copper exploration.
The funds will support important drilling projects at the Ilo Este and Chancho al Palo copper targets, as well as pre-drilling activities at the Cinto Project. Furthermore, these resources will facilitate regional target definition work and provide general working capital for the company. The placement proceeds will be realized in two tranches, with Tranche 1 accounting for A$1.87 million through the issuance of 21,961,220 shares, and Tranche 2 generating A$2.63 million via 30,979,957 shares, both of which are subject to shareholder approval set for March 2025.
Notably, drilling permits have already been acquired for the Chancho al Palo site, while further approvals are expected shortly. The company is positioned strategically within Peru’s significant copper-rich region, spanning an extensive 70,000-hectare land position. This infusion of capital places Solis in a strong financial position ahead of its drilling initiatives slated for 2025, as stated by the newly appointed CEO, Mitch Thomas.
Thomas remarked on the overwhelming support received for the funding, highlighting the promising potential of Solis Minerals’ projects. The ongoing systematic exploration has previously identified several priority copper targets, which the company plans to advance in the coming year. Solis Minerals aims to unlock and exploit new opportunities within the vibrant copper market as they proceed with their operations.
In summary, Solis Minerals has successfully raised A$4.5 million through a well-supported placement, enabling it to advance its drilling and exploration projects in Peru. The funding will primarily focus on the Ilo Este and Chancho al Palo copper targets and additional regional prospects in a strategic effort to enhance the company’s position in the market. With strong investor backing and imminent drilling activities, 2025 stands to be a pivotal year for Solis Minerals.
Original Source: www.stocktitan.net
