Cerro de Pasco Resources (CSE:CDPR, OTC:GPPRF) notified investors that it has now closed its equity subscription, raising a total of $2.845 million.
The company, in a stock market statement, said the proceeds are to cover a C$1.35 million fee payable in relation to the legal easement, which in turn provides the company with access to certain surface areas for its El Metalurgista concession and the Quiulacocha tailings project, in Peru, and allow the start of a 40-hole drilling campaign.
At the same time, the company said it updated on the timeline for receipt of the easement and the subsequent work programs – with the company highlighting that Peru’s Minister of Energy and Mines recently reiterating full support to the project, and the signature of a ‘supreme resolution’ is expected imminently.
The Quiulacocha tailings area spans some 115 hectares and is estimated to hold approximately 75 million tonnes of tailings material, deposited from the 1920s to 1990s.