Marimaca Copper Corp (ASX:MC2) is set to raise US$17.7 million ($27.23 million) through a non-brokered private placement to further develop its Marimaca Copper Project in northern Chile. The company will issue 5.311 million shares at C$4.60 per share, with the placement expected to close around June 6, 2025, pending necessary approvals. Existing insider shareholders, Assore International Holdings and Ithaki, will contribute C$10.35 million by subscribing for 2.25 million shares each. An additional institutional investor and its affiliates will subscribe for the remaining shares on the same terms.
According to CEO Hayden Locke, the company is committed to exploration and advancing the Marimaca Project towards development. He stated that the commitments from shareholders reflect their confidence in the project’s long-term potential. The Marimaca Copper Project features the Marimaca oxide deposit, an iron-oxide copper gold-type deposit. Marimaca is focused on advancing the project through a Definitive Feasibility Study led by Ausenco Chile. Concurrently, the company is exploring its land package in the Antofagasta region, including the Sierra de Medina property, located 25km from the Marimaca oxide deposit.
