Promesa to raise $1m

Perth explorer Promesa says it will place up to 40 million shares at 2.5 cents per share to raise $1 million.

The placement will be made to sophisticated and professional investors at a 10 per cent discount to the average share price in the company in the last five business days.

Promesa said the proceeds from the placement would be used to fund its stage 2 drilling program, upgrade permits and extend surveys at its Alumbre Cu-Mo porphyry project in Peru.

The discounted offering lowered the company's share price by 10.3 per cent to 2.6 cents per share at 2pm.