23/09/2019 - 10:29

Hot Chili leads over $23m in capital raises

23/09/2019 - 10:29

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Copper and gold explorer Hot Chili has raised $12.1 million via a share placement, while Australian Vanadium and Blackstone Minerals have also locked in funds from capital raisings.

Hot Chili leads over $23m in capital raises
Hot Chili has a focus on the South American country of Chile.

Copper and gold explorer Hot Chili has raised $12.1 million via a share placement, while Australian Vanadium and Blackstone Minerals have also locked in funds from capital raisings.

Hot Chili said it issued the shares at 3.6 cents, a 2.7 per cent discount to its previous closing price of 3.7 cents each.

Veritas Securities acted as lead manager to the placement

The Chile-focused company said funds raised would be used to pay off some of a $US3 million part-payment for an option agreement with SCM Carola.

The capital will also go towards completing a 15,000-metre reverse circulation and diamond drilling program at its Cortadera project.

Today, Australian Vanadium also announced it raised $6.6 million, with $5.2 million coming from a share purchase plan and the remainder from a placement.

Patersons Securities acted as lead manager to the placement.

Funds were raised at 1.15 cents per share, an 11.6 per cent discount to its previous closing price.

The capital raising will go towards advancing its namesake project, specifically to complete a definitive feasibility study.

Blackstone Minerals also told the ASX today it had received firm commitments to raise $4.5 million at 15 cents per share.

The issue price is an 11.8 per cent discount to its five-day, volume-weighted average price.

Funds raised will progress its Ta Khoa nickel project in Vietnam.

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