Culpeo Minerals

Culpeo Secures Funding to Advance Copper Exploration at Vista Montana, Lana Corina and Fortuna

Culpeo Minerals Limited (Culpeo or the Company) (ASX:CPO, OTCQB:CPORF) is pleased to announce it has received binding commitments from sophisticated and professional investors to raise approximately $2.2 million (before costs) under a placement of fully paid ordinary shares (Placement).


HIGHLIGHTS

  • Firm commitments received to raise approximately $2.2 million (before costs).
  • Strong support for the Placement received from sophisticated and professional investors, validating the high prospectivity of the Company’s copper projects in Chile.
  • Subject to shareholder approval, Directors have also participated in the equity raising.
  • Funds will be utilised to advance exploration programs at the Vista Montana, Lana Corina and Fortuna Projects in the coastal Cordillera region of Chile.
Culpeo Minerals’ Managing Director, Max Tuesley, commented:
 

“The strongly supported Placement allows us to accelerate exploration at the Vista Montana Prospect, which we believe is connected to the Lana Corina Prospect where we have made a new high-grade copper discovery, with recent drilling returning a long, high-grade intersection of 454m @ 0.93% CuEq from 90m1.

The Company thanks its existing shareholders for their support and welcomes new investors. We look forward to providing regular updates on the progress of our field programs.”

PLACEMENT DETAILS

The Placement comprises the issue of approximately 53.875 million new fully paid ordinary shares in the Company to sophisticated and professional investors at an issue price of $0.04 per share (Placement Shares), to raise approximately $2.2 million (before costs).

The Placement will be conducted by way of two tranches, comprising:

  • Tranche 1: 38,250,000 Placement Shares to raise approximately $1.5 million; and
  • Tranche 2: 15,625,000 Placement Shares to raise approximately $0.6 million.

Tranche 1 is expected to settle on 8 August 2024. Tranche 1 Placement Shares will be issued pursuant to the Company’s placement capacities under ASX Listing Rules 7.1 and 7.1A, in the amounts of 21,712,778 Placement Shares and 16,537,222 Placement Shares respectively, and will rank equally with the Company’s existing fully paid ordinary shares.

Tranche 2 will comprise the issue of 15,625,000 Placement Shares, including Director participation, and is subject to shareholder approval at a general meeting. Further information relating to the general meeting, which is expected to be held in early October 2024, will be provided in the coming weeks.

The Offer Price of $0.04 per Placement Share reflects a:

  • 11.1% discount to the last close price prior to this announcement, being $0.045 per share on 30 July 2024;
  • 13.9% discount to the 5-day volume weighted average price of $0.04644 per share; and
  • 22.5% discount to the 15-day volume weighted average price of $0.05158 per share

Funds raised will be used for:

  • drilling at Vista Montana and Lana Corina;
  • exploration of the Fortuna Project;
  • project payments for Lana Corina and Fortuna; and
  • working capital as well as costs associated with the capital raising.


Click here for the full ASX Release

This article includes content from Culpeo Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

CPO:AU
The Conversation (0)
Metal pipes and bars obstructed by yellow "tariffs" tape with US flags.

Copper Soars to All-time High as Trump Unveils 50 Percent Tariff on Imports

US President Donald Trump said Tuesday (July 8) that he plans to impose a 50 percent tariff on all copper imports, a dramatic escalation of his administration’s use of targeted trade restrictions on national security grounds.

“I believe the tariff on copper, we're going to make 50 percent,” Trump said during a White House cabinet meeting.

Though he did not provide a timeline, Commerce Secretary Howard Lutnick said in a subsequent CNBC interview that the tariff could take effect by late July or as early as August 1, with details to be posted on Trump’s Truth Social account.

Keep reading...Show less
Empire Metals

Empire Metals Limited Announces Completion of MRE Drilling Campaign

Completion of Major Drilling Campaign Targeting Maiden Mineral Resource Estimate

Empire Metals Limited, the AIM-quoted and OTCQB-traded exploration and development company, is pleased to announce the successful completion of its largest drilling campaign to date at the Pitfield Project in Western Australia ('Pitfield' or the 'Project'). This programme focussed on high-grade titanium mineralisation within the in-situ weathered cap at the Thomas Prospect and is designed to underpin the Company's maiden JORC compliant Mineral Resource Estimate ('MRE').

Highlights

Keep reading...Show less
Loyal Metals Limited

Loyal to Acquire the High-Grade Highway Reward Copper Gold Mine

Loyal Metals Limited (ASX:LLM) (Loyal, LLM, or the Company) is pleased to announce that it has acquired a binding option to purchase the Highway Reward Copper Gold Mine in Queensland, Australia, one of the highest-grade copper mines worldwide, with past production totalling 3.65 million tonnes at 5.7% Cu and 260,000 tonnes at 4.5 g/t Au 1-9. This acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper. No exploration has been conducted on the mining leases since mining ceased in July 2005, despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study 3,4. With over $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques11.

Keep reading...Show less
Textured copper ribbons weave over a black background.

​Copper​ Market Hit by Major Supply Squeeze as LME Inventories Drop

One of the sharpest copper supply crunches in recent memory is rattling global commodities markets, as inventories at the London Metal Exchange (LME) plummet and the spot price soars.

Bloomberg reported that as of Monday (June 23), copper for immediate delivery was trading at a premium of US$345 per metric ton over three month futures, the widest spread since a record squeeze in 2021.

That dramatic price divergence reflects the market’s acute concerns over access to physical copper, with readily available inventories on the LME falling by around 80 percent this year alone.

Keep reading...Show less
Many copper bobbins and warehouse copper pipes.

Top 10 Copper-producing Companies

Copper miners with productive assets have much to gain as supply and demand tighten.

In May 2024, the copper price hit a new all-time high of US$10,954 per metric ton (MT) on the London Metal Exchange and US$5.20 per pound on the COMEX on the back of increasing demand and growing supply concerns.

Copper is one of the most important resources for the energy transition. However, in recent years, demand for the red metal has outpaced mining supply. While construction and electrical grids have long been major markets for copper, today the rise in demand for electric vehicles, EV charging infrastructure and energy storage applications are emerging drivers of copper consumption.

Another trend driving future copper demand is the rapid urbanization in the Global South, as rural populations migrate to cities, putting pressure on electricity grids.

Keep reading...Show less

Latest Press Releases

Related News

×