What is the story about?
What's Happening?
Marimaca Copper is raising $80 million to fund detailed design, engineering, and exploration activities for its Marimaca Oxide Deposit in Antofagasta, Chile. The company plans to issue 8.25 million chess depository interests at $9.70 per CDI. The funds will also support exploration at the Pampa Medina Project and the Marimaca sulphide target. CEO Hayden Locke expressed satisfaction with the support received for the company's development and exploration phase.
Why It's Important?
The capital raise will enable Marimaca Copper to advance its flagship project and explore additional opportunities in the Antofagasta region. This development is crucial for the company's growth strategy and regional development goals. The successful raise reflects investor confidence in Marimaca Copper's potential to deliver on its exploration and development plans, which could impact the copper market and contribute to Chile's mining industry.
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