The final prospectus also includes the CAD$30m public offering where major shareholder, Glencore led the excitement.

Hot Chili says the final prospectus backing its mission to dual list on Canada’s TSX Venture Exchange is already in the post, with underwriters exercising the over-allotment option for additional gross proceeds of more than CAD$3.75m.

Together with the over-allotment option, the offering will generate total gross proceeds of CAD$33.8m.

This offering includes the previously announced CAD$30m funding at CAD$1.55 per share, as well as a one half subscription receipt for each share purchase warrant.

Major shareholder, Glencore, is participating in the increased offering to maintain its 9.99% shareholding interest in the company.

Glencore and North American institutions increase offering

“We welcome the support of North American institutions and Glencore in the increased offering, and look forward to satisfying all remaining typical conditions for our TSXV listing shortly, and commencing trading following closing,” Hot Chili (ASX:HCH) managing director Christian Easterday said.

Upgrading resources at world-class project

Proceeds from the placement will be used to upgrade resources at the HCH world-class Cortadera copper-gold discovery in Chile, and advance the pre-feasibility study for the broader Costa Fuego project, testing high-priority exploration targets.

Easterday said: “We hope to add a presence in North American markets and continue to focus on delivering Costa Fuego into production against a backdrop of strengthening copper price and limited new large copper mines.

“Costa Fuego is a stand-out major copper development in a short field of players globally.”

Cortadera currently has a resource of 451 million tonnes grading 0.46% copper equivalent, or a significant majority of the overall 724Mt at 0.48% copper equivalent resource at the Costa Fuego project.

Drilling has continued to intersect thick zones of porphyry copper-gold, indicating there’s room for plenty of growth.




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.