The financing is in the form of a private placement, with the company issuing 5 million units priced at C$0.20 each for gross proceeds of C$1 million. The units contain warrants that are exercisable at $0.30 per share.
The funds will be directed towards CopperEx’s portfolio of projects in Chile. Its flagship asset is Exploradora Norte, for which it holds an option to earn 65% interest and a preferred option for an additional 35% with no attached royalty.
The Exploradora Norte project hosts multiple drill-ready porphyry targets located south of Escondida, the largest copper mine in the world. It is also adjacent to a Codelco property that has an estimated resource of 190 to 280 million tonnes grading 0.40% copper.
Earlier this year, CopperEx completed its first drill program at Exploradora Norte, comprising eight drill holes for 1,279 meters of drilling centered on the Franja del Oro target, part of a 15-km-long gold…
