Cerro de Pasco Resources (CSE:CDPR, OTC:GPPRF) has announced a private placement to raise up to $15 million for exploration at the Quiulacocha Tailings Project.
The financing consists of up to 33.3 million units offered at $0.30 per unit for gross proceeds of $10 million, and a concurrent brokered private placement of up to 16.7 million units for an additional $5 million.
Each unit includes one common share and half of a purchase warrant, with each whole warrant allowing the holder to acquire an additional share at $0.50 for a period of 24 months following the closing date.
The agents also have an option to increase the private placement by up to $2.25 million.
Additional proceeds from the financing will be used for general corporate purposes.
The offering is expected to close around November 14.