Cerro de Pasco Resources (CSE:CDPR, OTC:GPPRF) (CDPR) announced that it has closed a non-brokered private placement for total gross proceeds of $1,772,000.
It said it issued 17,720,000 units of the company at $0.10 per unit comprising one share and half of one unit purchase warrant.
Each whole warrant entitles the holder to purchase an additional unit at the price of $0.15 until 24 months from issuance.
Each warrant unit will also consist of an additional share and an additional transferable share purchase warrant entitling the holder to acquire a share for $0.25 per underlying warrant share until the expiry date.
Additionally, the company confirmed that it is addressing the final requirements related to a two-year legal easement which will provide it access to the surface areas corresponding to its El Metalurgista Concession and the Quiulacocha Tailings (QT) project in Peru which is expected to be passed by Supreme Resolution in December 2023.
The company then expects to complete a 40-hole drill program and the first phase of the QT preliminary economic assessment by the second quarter of 2024.
It then intends to begin the preparation of an NI 43-101-compliant technical report on mineral resources for the QT.
“The easement will pave the way to rapid development of QT Project,” CDPR CEO Guy Goulet said in a statement.
“It is a project that is fully supported by the local community and is of critical importance to Cerro de Pasco. It brings innovation, health and environmental benefits, and much-needed revival to the local economy. I am confident that we will achieve the objective of drilling the entire QT resource and obtain permits to start production within a reasonable timeframe.”
CDPR will pay Activos Mineros SAC, who controls the surface rights over the entire QT project area, approximately US$1 million for the easement.
Cerro de Pasco is a mining and resource management company with unparalleled knowledge of the mineral endowment in the city of Cerro de Pasco and its surroundings.
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