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Hot Chili to raise A$12.1M to fund Cortadera acquisition, drilling

Hot Chili Ltd. is raising A$12.1 million via a two-tranche private placement at 3.6 Australian cents per share to fund the acquisition of the Cortadera copper-gold property in Chile from SCM Carola and to conduct drilling.

The company said Sept. 23 that it will use the funds to pay the remaining US$3 million for the first installment of the option agreement with Carola, to complete a 15,000-meter reverse circulation and diamond drilling program at Cortadera, and for general working capital.

Investors in the placement include several new institutional investors from Australia and North America as well as existing major shareholders associated with Taurus Funds Management and Hot Chili Chairman Murray Black.

Hot Chili Managing Director Christian Easterday said the company will continue to advance its longer-term strategic funding discussions.