Element 29 lines up C$12M placement to drill Peru copper projects
What's the deal? Element 29 ResourcesDealroom has a profile for this one. Try Dealroom → has announced a fully committed, non-brokered private placement of up to C$12 million. The Vancouver-based junior miner will issue up to 7,272,727 common shares at C$1.65 each, with participation from strategic investors.
What's the endgame? Net proceeds will fund exploration across the company's copper portfolio in Peru. That includes its flagship Elida deposit, plus the earlier-stage Flor de Cobre and Paka projects.
Why Peru? Element 29 calls the country "one of the lowest-cost, lowest-risk mining jurisdictions globally." Its Elida deposit holds an inferred resource of 321.7 million tonnes grading 0.32% copper, while Flor de Cobre sits 26km from Freeport-Buenaventura's Cerro VerdeDealroom has a profile for this one. Try Dealroom → mine.
The fine print: The company may pay finders a cash fee of 7% of gross proceeds they arrange. The raise remains subject to final acceptance by the TSX Venture Exchange, and shares carry a four-month-and-one-day hold period.
The signal: The round sits above the median for deals of its kind, a sign of investor appetite for copper exploration. For a junior miner, locking in fully committed strategic backing is the fuel needed to advance drilling toward development.
Read more: finanznachrichten.de
Image credit: James St. John
