Hot Chili (ASX: HCH) has received a strong vote of confidence in the company's operations from investors, with the company raising a total of A$11.7 million in difficult capital markets.
HCH has now completed the second tranche comprising A$9.9 million, building on the funds raised from the first tranche.
Providing support in the raising was existing strategic shareholders such as Chilean resources major CAP S.A., which is the parent company of Compañía Minera del Pacífico S.A., the country's largest iron ore producer and integrated steel business.
The funding underpins the company’s development plan to continue advancing Productora, and ultimately working towards a decision to mine on one of Chile’s fastest emerging new mid-tier coastal copper projects.
HCH is targeting a resource upgrade at Productora in the near-term.
The company has received approval to complete a further 100 drill holes over a large area across the eastern flank of the planned central pit development at Productora.
The approval will facilitate the last of HCH's major 100,000m drilling program at Productora for 2013.
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