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Minera gives fund raising details

Minera IRL has confirmed the details of its plans to raise 15m Canadian dollars for the funding of early development costs of the Ollachea Project in Peru

Minera IRL has confirmed the details of its plans to raise 15m Canadian dollars for the funding of early development costs of the Ollachea Project in Peru

through the offering of 21.55m shares at 0.71 dollars each.

The funds are being raised through the issue of 21.55m shares at C$0.71 each.

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The group on Monday announced plans to raise C$32m for the Ollachea project and has budgeted C$4.2m for general and administration costs, permitting, community, archaeology and land acquisition, C$6.9m for detailed engineering and to advance the tunnel to 1,200 metres, and C$5.5m to take the tunnel to 1,560m for a second payment.

The share price fell 7.07% to 46p by 14:45.

NR

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