Solis Minerals has announced a successful placement of A$4.5 million from institutional and sophisticated investors for drilling activities in Peru. The funds will be allocated to the Ilo Este and Chancho al Palo copper targets, along with general working capital and detailed target definition for other projects. The capital raise will occur in two tranches, pending necessary approvals.
Solis Minerals Limited (SLMFF) has successfully obtained firm commitments for a placement amounting to A$4.5 million from a group of institutional and sophisticated investors, including A$205,000 from the Directors pending shareholder approval. This capital will facilitate drilling activities at the Ilo Este and Chancho al Palo copper sites in Peru, along with pre-drilling work at the Cinto Project and regional target definition efforts.
The placement will be executed in two distinct tranches: Tranche 1 will raise A$1.87 million through the issuance of 21,961,220 shares, while Tranche 2 will raise A$2.63 million by issuing 30,979,957 shares, pending shareholder approval anticipated in March 2025. Drilling permits for Chancho al Palo have already been granted, with further approvals expected shortly, thereby positioning Solis for immediate operational activities in a region rich in copper resources.
Newly appointed CEO Mitch Thomas stated that the funds will support ongoing exploration work at various copper targets across their substantial landholding of nearly 70,000 hectares in Peru’s Coastal Copper Belt. He expressed gratitude for the strong backing from investors, emphasizing the potential for significant discoveries in this resource-abundant area. Thomas noted, \”2025 will be an exciting year for Solis Minerals with strong news flow to be delivered from our drilling programme, covering multiple prospects over the course of the year.\”
Solis Minerals is strategically building its copper portfolio, focusing on its prime projects of Ilo Este and Ilo Norte, alongside others such as the Chocolate and Canyon Projects. Currently, the company holds 81 exploration concessions, covering a total area of 69,200 hectares in the Coastal Belt of Peru. The management team is highly experienced, navigating the complexities of mining operations within the region, which is recognized as a vital contributor to the global copper market.
In summary, Solis Minerals’ recent placement indicates robust support from institutional investors, underscoring the company’s growth potential in the copper mining sector. With the funds allocated effectively towards crucial drilling initiatives, Solis is poised to make significant advances within Peru’s mineral-rich landscapes.
In conclusion, Solis Minerals has secured A$4.5 million in funding through a well-supported placement, earmarked primarily for drilling at the Ilo Este and Chancho al Palo sites, as well as other strategic projects. The strong backing from investors and the successful acquisition of drilling permits pave the way for Solis to advance its exploration efforts in Peru’s copper-rich regions, setting the stage for an exciting year ahead.
Original Source: www.stocktitan.net
