Solis Minerals Limited has raised A$4.5 million through a placement aimed at funding drilling in Peru’s copper-rich areas. The proceeds will support drilling activities at the Ilo Este and Chancho al Palo targets and other exploration projects. New CEO Mitch Thomas highlighted the company’s significant landholding and the strong potential for upcoming developments in 2025.
Solis Minerals Limited has announced that it has secured firm commitments for a placement that will raise A$4.5 million, with investments from institutional and sophisticated investors, including a commitment from directors totaling A$205,000, pending shareholder approval. The funds will be utilized for drilling at the Ilo Este and Chancho al Palo copper targets in Peru, pre-drilling work at the Cinto Project, and regional target definition, along with additional working capital.
The drilling permit for Chancho al Palo has been awarded by Peru’s Ministry of Energy and Mines, and remaining approvals to begin drilling are anticipated shortly. Newly appointed CEO Mitch Thomas expressed satisfaction at the placement’s support, emphasizing the company’s significant achievements in establishing a sizable landholding and identifying priority copper targets in the region.
The placement consists of issuing 52,941,177 CDIs at A$0.085 per share, with a portion of the funds raised in two tranches—one requiring shareholder approval. Euroz Hartleys Limited and GBA Capital Pty Ltd served as Joint Lead Managers for this placement. Solis Minerals has a robust portfolio with 81 exploration concessions and aims to capitalize on opportunities within the mineral-rich Coastal Belt of Peru.
Solis Minerals has successfully secured A$4.5 million through a supportive placement, further reinforcing its position for upcoming drilling activities in Peru. The funds will facilitate crucial exploration efforts in key copper targets. With an expanding portfolio and a promising outlook, the company’s strategic positioning in the copper market is strengthened, paving the way for significant developments in 2025.
Original Source: www.tradingview.com
