Chile-focused copper explorer Hot Chili has secured $11.7 million to continue development of its Productora copper project in Chile.
Hot Chili announced today it had completed a private placement priced at 45 cents per share to raise the funds.
The company said it received strong support from its existing shareholders, including major shareholder, Chilean resources major CAP.
UBS AG acted as sole lead manager to the placement.
“The funds secured will allow us to continue to invest in the company’s Productora copper project, our most advanced large-scale copper asset in Chile,” managing director Christian Easterday said.
The placement remains conditional on shareholder support, which will be sought at an extraordinary general meeting in August.
At close of trade today, Hot Chili shares were down 12.5 per cent, at 42 cents.