- Chakana Copper (PERU) has closed the first tranche of a private placement for gross proceeds of C$5,089,604
- Under the first tranche, the company issued 46,269,134 units priced at $0.11 per unit
- Net proceeds from the private placement will be used to finance exploration and development of the Soledad Project in Peru
- Chakana Copper is a Canada-based mineral exploration company advancing the Soledad Project in the Ancash region of Peru
- Chakana Copper Corp. (PERU) opened trading at $0.115 per share
Chakana Copper (PERU) has closed the first tranche of its previously announced private placement for gross proceeds of C$5,089,604.
Under the first tranche, the company issued 46,269,134 units priced at $0.11 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional share at a price of $0.20 for a period of two years. Warrants are subject to an acceleration clause.
David Kelley, Chakana’s President and CEO commented on the financing.
“We are very excited to see such strong support in this financing from Gold Fields and other investors that will allow us to continue our aggressive exploration program at Soledad. We will initiate a minimum 6,000m drill program in mid-June to test 12-15 new high-priority drill targets on the north half of the project where we are fully permitted. We currently have 122 targets defined across the entire prospective area of the project and will prioritize these in a targeting workshop with Gold Fields at the end of the month.”
Net proceeds from the private placement will be used to finance exploration and development of the company’s high-grade copper-gold-silver discovery at the Soledad Project, located in Peru, along with providing general working capital.
Chakana paid finder’s fees of $265,191 and issued 2,410,823 finder’s warrants.
All securities issued are subject to a four-month hold period expiring on September 21, 2022.
Chakana Copper is a Canada-based mineral exploration company advancing the Soledad Project in the Ancash region of Peru.
Chakana Copper Corp. (PERU) opened trading at $0.115 per share.