07:37 AM EDT, 05/06/2024 (MT Newswires) -- Hot Chili ( HHLKF ) raised A$24.9 million through a private placement, issuing 24.9 million shares at A$1 each, and will seek to raise another A$5 million by selling stock to current shareholders.

The funds will be used to develop Hot Chili's ( HHLKF ) Costa Fuego copper-gold project in Chile's coastal range.

With the private placement already completed, the company is now offering shareholders A$5 million in shares at A$1 per share. The offer period will run from May 10 to May 24.

Proceeds from both financings, in addition to existing treasury, will provide up to 18 months funding.

The shares closed unchanged on Friday at $1.10 (A$1.21).