Great Southern Copper PLC (LSE:GSCU) has secured £1.57m in new funding to step up its copper-gold exploration efforts in Chile.
The funding includes a £1.04m equity investment from an institution and a £522,000 convertible loan from shareholder Foreign Dimensions.
The proceeds will support the next phase of drilling and exploration at the Mostaza Mine, Cerro Negro, including diamond drilling, metallurgical test work, and land holding costs.
The latest campaign follows a recently completed drill programme, which delivered an “outstanding” assay result from the first drill hole. Assay results from the remaining eight holes are still pending.
The equity investment was secured through a subscription for 36 million new ordinary shares at 2.9p per share, while the convertible loan is also set at 2.90p per share. The fundraising price represents a premium to the five-day volume-weighted average price of 2.49p.
Great Southern Copper is focused on unlocking the potential of its Chilean assets as demand for copper continues to grow.
"This is a very exciting moment for the company and we look forward to updating the market on our progress," said CEO Sam Garrett.