PPX Mining Corp. on Dec. 13 said it has raised C$7.5 million through a private placement and will use the funds for general working capital purposes.

The company issued 125,000,233 units at 6 cents each. They consist of 1 common share and half a warrant, with each full warrant entitling the holder to buy a full share for 8.5 cents by Dec. 13, 2019.

The money will allow it to accelerate the exploration program at the Igor gold and silver property in Peru to fully drill evaluate all the prospective targets there, PPX added.