Applecross-based Hot Chili will raise up to $29.9 million courtesy of a private placement, in a bid to further progression at its Costa Fuego copper-gold development in Chile, located 600km from Santiago.
Shares in Perth-based Hot Chili have risen by more than 20 per cent after the copper explorer said it had secured funds to complete its purchase of an overseas project.
Legend Mining has launched a $20 million share placement to progress its nickel-copper project in the Fraser Range, while fellow Western Australian explorers Auroch Minerals and Xantippe Resources have also announced capital raisings.
Copper explorer Hot Chili is targeting its first resource estimate for two projects in South America after announcing an oversubscribed $5 million placement and $3.9 million rights issue, with majority of the funds going towards a drilling restart at the Cortadera project in Chile.
Copper and gold explorer Hot Chili has raised $12.1 million via a share placement, while Australian Vanadium and Blackstone Minerals have also locked in funds from capital raisings.
Aspiring lithium miner Lepidico has attracted backing from Galaxy Resources as part of a $7 million capital raising, while Northern Minerals and Musgrave Resources have tapped their respective investors for a combined $7 million.
Junior miners Azure Minerals, Cazaly Resources, Antipa Minerals and First Graphite have raised a combined $25.1 million to fund ongoing work at their respective projects.
Shares in Antipa Minerals have soared on news it has attracted backing from mining giant Rio Tinto, which plans to invest up to $60 million in the local explorer's Citadel gold-copper project.
