Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) (“Hot Chili” or the “Company”) is pleased to announce that it has successfully arranged a $40 million funding through the issue of new shares at 3.2 cent per share (the “Placement”).
Highlights:
- Fully underwritten A$5M share purchase plan, and A$35M private placement corner-stoned by mining major Glencore and underpinned by several domestic and overseas institutional investors, as well as some of Hot Chili’s largest shareholders
- Glencore will emerge as Hot Chili’s largest shareholder with a 9.99% interest
- New funds secure the final acquisition payment of US$15M for a 100% interest in the Company’s world-class Cortadera copper-gold discovery in Chile – payment to be made immediately
- Fully funded to deliver a major resource upgrade and Pre-feasibility study for Costa Fuego, current resource standing at 2.9Mt copper, 2.7Moz gold and 9.9Moz silver and 64kt molybdenum (as announced to ASX on 12th October 2020)
- Further updates expected as the Company advances its drilling, development studies and expected TSXV dual-listing later this year
Ownership of Cortadera, strong cash position, rapid resource growth and backing by Glencore provide a compelling foundation ahead for the Company’s plans to dual list on the TSXV in Canada later this year.
Hot Chili’s Managing Director Christian Easterday said “the $40 million funding secures ownership of Cortadera, and Glencore’s investment and involvement is a strong endorsement of our future”
To access the announcement please click on the link below.Download full announcement here
Cortadera Copper Project
Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company.
The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling.View the Cortadera Project
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