Chakana Copper Completes C$8 Million Private Placement with Gold Fields

May. 13, 2019 12:58PM PST

Chakana Copper has completed a C$8 million private placement with Gold Fields, after which the company acquired a 16.14 percent interest in Chakana.

Chakana Copper (TSXV:PERU,OTCQB:CHKKF) has completed a C$8 million private placement with Gold Fields Nazca Holdings, a subsidiary of Gold Fields (NYSE:GFI), after which the company acquired a 16.14 percent interest in Chakana.

As stated in the press release:

The private placement involved the issue of 15,686,275 common shares of the company at a price of $0.51 per Chakana share for total gross proceeds of C$8,000,000.
The net proceeds of the financing will be used to advance the exploration and development of the company’s expanded Soledad copper-gold project in central Peru. All securities issued in the financing will be subject to a statutory four month hold period.

Click here to read the full press release from Chakana Copper.