Marimaca Copper Secures A$80 Million for Exploration and Growth
Marimaca Copper Closes Significant A$80 Million Placement
VANCOUVER, British Columbia -- Marimaca Copper Corp. (TSX: MARI) (ASX: MC2) announces the successful closing of a significant brokered placement aimed at boosting its operations. The company has raised approximately A$80 million through the issuance of 8,247,423 Chess Depositary Interests (CDIs), each priced at A$9.70. This robust funding will empower the Company to push forward with ambitious exploration and development plans.
Funding Allocation for Growth Initiatives
The keen interest from investors reflects a strong belief in the future potential of Marimaca's projects. The net proceeds from this placement will primarily be allocated towards the Pampa Medina Project and exploration of the Marimaca sulphide target. Additionally, these funds will support design and engineering efforts at the Marimaca Oxide Deposit (MOD) and cover general corporate initiatives.
Strategic Partnerships Enhance Placement Success
Leading financial entities Euroz Hartleys Limited, Beacon Securities Limited, and Macquarie Capital (Australia) Limited acted as joint lead managers for this placement, while Canaccord Genuity (Australia) Limited served as a co-manager. Such partnerships demonstrate the solid backing and confidence in Marimaca's leadership and vision within the mining sector.
Noteworthy Participation from Insiders
Interestingly, existing insiders also played a significant role in this placement. Assore International Holdings Limited (AIH) and Ithaki Ltd. acquired a combined total of 2,603,094 CDIs, showcasing strong insider belief in Marimaca’s future trajectory. More details about their participation will be disclosed in subsequent reports aligning with Canadian securities regulations.
Moving Forward with Ambition
Besides the substantial financial backing, Mitsubishi Corporation holds a stake that enables it to purchase shares pro rata based on the current placement terms. With 4.4% ownership recorded before this placement, Mitsubishi’s involvement illustrates the broader investment interest in Marimaca's projects.
Spotlight on Marimaca's Core Projects
At the heart of Marimaca’s operational strategy is the flagship Marimaca Copper Project, located in the Antofagasta Region of Chile. This project is recognized for its potential, housing the IOCG-type copper deposit known as the MOD. The Company is diligently conducting a Definitive Feasibility Study, led by Ausenco Chile Ltda., that aims to unveil further opportunities for development.
Exploring New Frontiers
The Marimaca project is not just focused on the MOD; it also encompasses an extensive land package in the region, including over 15,000 hectares of wholly owned property at Sierra de Medina, situated only 25 kilometers from the MOD. This positions Marimaca favorably in terms of exploration potential and resource development.
Contact Information
For those seeking more information regarding the operations and initiatives of Marimaca Copper, they can visit their official website or reach out to:
Tavistock
+44 (0) 207 920 3150
Emily Moss / Ruairi Millar
marimaca@tavistock.co.uk
Frequently Asked Questions
What is the purpose of the A$80 million placement?
The funds will be used primarily for exploration at various projects, including the Pampa Medina Project and the Marimaca Oxide Deposit.
When will the CDIs be allotted?
The allotment of the Chess Depositary Interests (CDIs) will occur shortly after the closing of the placement.
Who were the lead managers for the placement?
Key lead managers included Euroz Hartleys Limited, Beacon Securities Limited, and Macquarie Capital (Australia) Limited.
What insight does the insider participation provide?
The participation of insiders like Assore International Holdings and Ithaki Ltd. reflects strong confidence in Marimaca's future plans.
What distinguishes the Marimaca Copper Project?
The Marimaca Copper Project is noted for its IOCG-type copper deposit, and the Company is actively working on a Definitive Feasibility Study to further its development.
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