Minera IRL raises funds for Ollachea project in Peru

Gold mining company Minera IRL on Monday announced plans to raise 32m Canadian dollars to be used mainly to fund development costs for its Ollachea project in Peru.

Gold mining company Minera IRL on Monday announced plans to raise 32m Canadian dollars to be used mainly to fund development costs for its Ollachea project in Peru.

The Latin American group said it intended to file a prospective supplement in Canada - other than Quebec - and the UK, US and parts of South America on a private placement basis.

The offering will be conducted on a marketed basis through a syndicate of investment dealers led by RBC Capital Markets as sole global bookrunner. It also includes Jennings Capital, Fraser Mackenzie and Desjardins Securities.

For the Ollachea project, Minera 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 remainder of funds will be used for the Don Nicolas project in Argentina, Patagonia exploration and for working capital.

The project is currently in the permitting stage following a definitive feasibility study in 2012.

Shares fell 12.38% to 46.00p at 14:36 Monday.

RD

Recommended

The top funds to invest in now
Funds

The top funds to invest in now

As market volatility continues, here are the top funds, stocks and investment trusts investors are putting their money into, according to one investme…
2 Dec 2022
7 sin stocks to buy yielding up to 8%!
Share tips

7 sin stocks to buy yielding up to 8%!

Sin stocks don’t have the best reputation, but when it comes to investment returns, they’re certainly worth a closer look.
2 Dec 2022
Share tips of the week – 2 December
Share tips

Share tips of the week – 2 December

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
2 Dec 2022
3 emerging-market stocks to watch
Share tips

3 emerging-market stocks to watch

The top emerging-market stocks to keep an eye on, according to Union Bancaire Privée’s Eli Koen.
1 Dec 2022

Most Popular

Is it cheaper to leave the heating on low all day?
Personal finance

Is it cheaper to leave the heating on low all day?

The weather is getting colder and energy bills are rising, but is it really cheaper to leave the heating on low all day or should you only turn it on …
1 Dec 2022
Fan heater vs oil heater – which is cheaper?
Personal finance

Fan heater vs oil heater – which is cheaper?

Sales of portable heaters have soared, as households look to cut their energy costs. But which is better: a fan heater or an oil heater? We put them t…
21 Nov 2022
UK house prices fall at their fastest pace since 2020
House prices

UK house prices fall at their fastest pace since 2020

UK house prices fell 1.4% in November, their biggest fall since June 2020.
1 Dec 2022