Great Southern Copper PLC (LSE:GSCU) has raised £1.25 million to continue exploration at its Especularita project in Chile.
The funds were raised through a placing and subscription of 104.4 million shares for 1.2p per share, a 20% discount to the five-day weighted average.
Each share in the offer, to which the company’s directors and senior management intend to subscribe for 2.9 million shares, has one attached warrant exercisable at 3p for a period of 24 months.
Keeping up exploration progress at Especularita, GSC said the funds will primarily be used on high-priority drill targets identified by due diligence on the newly acquired Cerro Negro and Artemisa concessions.
In addition, having confirmed high-grade copper-gold results at the Teresita and Victoria prospects, the company said it is now also “aggressively” advancing its follow-up exploration of these systems, while the Aurelia copper-gold prospects are also moving towards drill-ready status.
CEO Sam Garrett said: “The growing excitement around the company's prospects and general copper/gold sentiment continue to run counterpart to the struggling junior capital markets.
“Despite these ongoing headwinds we are delighted to have raised these funds with the addition of a number of new participants to the register and the ongoing key support of our long-term existing investors. This clearly demonstrates the strength of our project portfolio and the board's confidence in the company's direction.”
He added: "The next 6-12 months will be an exciting time for the company and its projects in Chile and we look forward to updating investors on our progress in due course."