Culpeo Minerals Limited (ASX:CPO) has secured binding commitments for a placement, raising around AU$1.224 million to finance exploration efforts at its Chilean projects, Fortuna and Lana Corina. These projects are strategically located in Chile's promising coastal metallogenic belt, rich in near-surface copper mineralization potential. The funds will primarily support exploration at the recently acquired Fortuna Project, expanding Culpeo's copper exploration holdings by 300%.
The Lana Corina Project, boasting notable intersections like 257m @ 1.10% CuEq and 173m @ 1.09% CuEq, will also see additional drilling. The placement involves issuing about 38.25 million new fully paid ordinary shares at an issue price of AU$0.032 per share, accompanied by attaching options. Culpeo Minerals' Managing Director, Max Tuesley, expressed enthusiasm for the investor response and highlighted the value of their project portfolio. The capital raised will facilitate comprehensive exploration activities, aiding in unlocking the projects' intrinsic value.
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