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- Latin American focused explorer Solis Minerals (SLM) has listed on the ASX today, with shares falling up to 7.5 per cent on its Christmas Eve debut
- The company raised a total of $5.5 million by issuing 27,500,000 Chess Depository Interests (“CDIs”) at $0.20 per share
- Upon closure, the company will have over $7 million in cash on hand and will be in a position to begin its maiden drilling campaign at the Mostazal Copper Project in Chile
- The first drilling program will comprise about 2900 metres of diamond drilling in two stages and is planned to begin in mid-January and continue until mid-March
- Shares in SLM have fallen 7.5 per cent to 18.5 cents at 12:33 pm AEDT
Latin American focused explorer Solis Minerals (SLM) has listed on the ASX today, with shares falling up to 7.5 per cent on its Christmas Eve debut.
The company raised a total of $5.5 million by issuing 27,500,000 Chess Depository Interests (“CDIs”) at $0.20 per share, with one attaching option for every two shares subscribed in the IPO and an exercise price of $0.30 for two years from the date of issuance.
Upon closing, the company will have over $7 million in cash on hand and will be in a position to begin its maiden drilling campaign at the Mostazal Copper Project in Chile.
CEO Jason Cubitt said the company is looking forward to a busy field season commencing at the start of next year.
The proceeds of the IPO will be used largely to support the next drill program at the company’s 100 per cent-owned Mostazal Copper Project in Chile’s Atacama Desert, where prior exploration has revealed considerable near-surface copper mineralisation.
The Mostazal property is located 80 kilometres northeast of Copiapo, Chile, and within the Domeyko fault.
The first drilling program will comprise about 2900 metres of diamond drilling in two stages and is planned to begin in mid-January and continue until mid-March, initially targeting both porphyry and manto-style copper mineralisation.
In addition to testing surface level copper, SLM plans to conduct the first-ever drill testing of an interpreted porphyry feeder system underlying a four by 2.5-kilometre north-south trending belt of outcropping copper mineralisation, small-scale mine workings, and geochemical and geophysical anomalies.
Based on previous drilling, geochemical and geophysical surveys, and structural interpretation and modelling, four key target regions have been identified.
Shares in SLM have fallen 7.5 per cent to 18.5 cents at 12:33 pm AEDT.
