South America-focused explorer Hot Chili has announced an $8 million share placement to fund economic studies of its Productora copper project in Chile.
Hot Chili announced today that it had completed the placement at $0.60 per share to cornerstone investors Panoramic Resources and Taurus Funds Management.
The placement is expected to be completed on or before August 12.
The funds will be applied to beginning an extensive drilling program aimed to deliver expanded resources at Productora and its other advanced project, Los Mantos, Hot Chili said.
The company said it anticipated the release of its first resource estimate for Productora in September.
Hot Chili's directors said the participation of Taurus and Panoramic in the placement gave it increased confidence about the potential of Productora to become a significant new copper development.
At 12:17PM (WST) Hot Chili’s stock had dipped 5.71 per cent, to 66 cents.
