Southern Hemisphere Mining has raised $20 million in an institutional placement for further exploration and development of its copper, gold and iron sands projects in Chile.
Part of the funds raised will also used for pre-development expenditure at the company's Los Pumas manganese project in Chile, where it has recently completed a pre-feasibility study and is aiming to complete a feasibility enhancement study during the first quarter of next year.
Under the terms of the placement, the company will issue 47.6 million new shares at 42 cents each in two tranches, with the second subject to shareholder approval.
Euroz and Dundee Securities are handling the placement for the South American focused company, which is jointly listed on the ASX and TSX.
Southern Hemisphere president and chief executive Trevor Tennant said the capital raising would provide the company with the ability to unlock the value of its substantial South American copper and copper-gold assets and commence work on a newly acquired iron sands opportunity while maintaining development momentum at the company's Los Pumas Project.
"This capital raising marks an important turning point in the company's history, giving us the capability to build a truly diversified international mining business with exposure to three commodities which are in very high demand globally," he said.Shares in Southenr Hemisphere Mining were up one cent, or 1.92 per cent, to 53 cents at 9.25am.
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