Hot Chili adds $33.4m of Canadian bling to its exploration and development war chest
Link copied to
Hot Chili is cashed-up to progress its world-class copper-gold porphyry assets in Chile after completing its C$30m ($33.4m) Canadian initial public offering.
This follows the issue of 21.57 million shares priced at C$1.55 a share, clearly demonstrating strong support from investors.
Today also marks the company’s entry on the TSX Venture Exchange with shares to start trading on 27 December under the ticker symbol HCH.
Shareholder approval will be sought by Hot Chili (ASX:HCH) issue 232,714 shares worth C$360,708 to Blue Spec Sondajes Chile, a company linked with chairman Murray Black, and for the issue of 10.9 million warrants exercisable at C$2.50 that expire in three years.
One free attaching warrant will be issued for every two shares purchased.
Proceeds from the capital raising will be used to upgrade resources at the world-class Cortadera copper-gold discovery in Chile and to advance the pre-feasibility study for the broader Costa Fuego project and test several high-priority exploration targets.
Cortadera currently has a resource of 451 million tonnes grading 0.46% copper equivalent, which accounts for the majority of the broader 724Mt at 0.48% copper equivalent resource at the Costa Fuego project.
Hot Chili’s 2022 work program is aimed at growing and advancing Costa Fuego towards project financing as one of the few, low-altitude, senior copper developments in the Americas.
This article was developed in collaboration with Hot Chili, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.