- Chakana Copper Corp. (PERU) has closed the second tranche of aprivate placement for gross proceeds of C$1,151,749
- Combined with the first tranche, the financing resulted in total gross proceeds of $6,241,353
- Net proceeds will be used for 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 C$0.14 per share
Chakana Copper Corp. (PERU) has closed the second tranche of its previously announced private placement for gross proceeds of C$1,151,749.
Under the second tranche, the company issued 10,470,451 units at a price of C$0.11 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional share for a period of two years. The warrants are subject to an acceleration clause.
Combined with the first tranche that closed in May, the financing resulted in total gross proceeds of $6,241,353.
David Kelley, President and CEO, commented on the capital raise.
“We are excited to be fully financed as we execute an aggressive exploration drilling campaign that began June 15, 2022. This is a bold step-out exploration program applying what we have learned in the last 4 years and utilizing the expertise and support from the Gold Fields exploration team. We have updated our target ranking criteria to include the potential to discover larger tonnage deposits. In addition to high-grade mineralization hosted in tourmaline breccia pipes, we will also be testing targets related to the potential coalescence of breccia pipes (mega-breccias), epithermal mineralization in zones of pervasive argillic alteration, and mineralization related to a rhyodacite dome. We believe these mineralization styles are all part of the same Soledad mineral system that occupies a 12 km2 footprint.”
Net proceeds will be used for exploration and development of the company’s Soledad Project, located in the Ancash region of Peru, and for ESG programs, general working capital and administrative purposes.
On January 11, 2022, the company announced aninitial inferred resource hosting 191,000 ounces of gold, 11.7 million ounces of silver, and 130 million pounds of copper in seven tourmaline breccia pipes.
Chakana paid aggregate finder’s fees of C$56,511 and issued 513,736 finder’s warrants in connection with the second tranche of the offering.
All securities issued are subject to a four-month hold period expiring on October 22, 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 C$0.14 per share.