Hot Chili (ASX: HCH) has closed a $10.5 million placement, part of a larger A$35.5 million capital raising.
The first tranche involved 21,000,000 shares and 10,500,000 A$0.75 cent options, which were issued following the receipt of approximately A$10.5 million in funds.
Remaining shares and options from the AUD$35.5 million raising are expected to be issued as a second tranche A$22 million private placement and a A$3 million Securities Purchase Plan.
Funds raised under the placement will be used to resource drill and for development studies at the Productora copper project in Chile.
The company looks forward to a strong flow of news over the coming months in the lead-up to a targeted resource up-grade for Productora, expected in the December quarter 2012.
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