Toronto-based Minera Rayrock (TSE) will raise $25 million to explore and develop its Chilean properties by selling 12.5 million special warrants at $2 per warrant.
The company is also planning to reorganize its share capital by subdividing common shares into an equal number of multiple voting and subordinate voting shares.
Net proceeds of the special warrant placement will be used to finance development of the Ivan Copper project and exploration of the Sierra Valenzuela copper property.
Work to date at the latter indicates the potential for a sub-horizontal, manto-style deposit.
The latest results from Sierra Valenzuela include 3.82% copper over 22.4 metres in Hole DDH-7B, which was drilled to test depth extensions of a high-grade oxide copper zone on the Rosario zone. Hole DDH-8 intersected 41 metres grading 1.47% copper, confirming the westerly extension of the andesite breccia-hosted zone.
Rayrock Yellowknife Resources (TSE) has indicated it will convert its preferred shareholdings of Minera into subordinate and multiple voting shares and will buy subordinate voting shares at $2 per share to pay off debt. Upon completion of the above transactions, Rayrock Yellowknife will hold 45% of the equity and 58% of the votes of Minera.
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