The company claims that the placement reflects company’s commitment to advance the copper project with proceeds expected to be utilized for works including prefeasibility studies.
Placement will be undertaken in two installments comprising the unconditional placement of four-million shares to raise A$1.8m ($1.64m) within the company’s 15% placement capacity and the conditional placement of 22.13-million shares to raise a additional A$9.9m ($9.06m).
Hot Chili managing director Christian Easterday said: "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."
The Australian miner is also working on its copper-gold discovery Frontera, 70km south of Productora and the company claims that Productora and Frontera will facilitate its strategy to develop a coastal copper production hub in Chile.
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