09:43 AM EDT, 06/04/2025 (MT Newswires) -- Marimaca Copper ( MARIF ) , which rose 2.5% on Tuesday, announced on Wednesday a proposed non-brokered private placement of an aggregate of around 5.3 million common shares of the company at a price of C$4.60 each, for gross proceeds of approximately US$17.7 million or around C$24.4 million.

A company statement noted that the private placement is expected to be subscribed for by existing insider shareholders of the company, Assore International Holdings Limited(AIH) and Ithaki Limited, with each subscribing for about 2.2 million shares and contributing approximately C$10.3 million.

The company also noted that an additional institutional investor together with its affiliates will subscribe on the same terms as AIH and Ithaki for the remaining shares, adding that an advisory fee will be payable to Beacon Securities Limited in connection with the investment by the additional investor.

The closing of the private placement is expected to occur on or about June 6 with net proceeds slated for exploration, to advance the company's flagship Marimaca Copper Project in the Antofagasta Region of northern Chile and for general corporate purposes.

"We are very pleased to have the continued support from two of our cornerstone shareholders, AIH and Ithaki, and welcome new blue chip funds, as we continue to explore and advance the Marimaca Project toward development," said Marimaca Copper ( MARIF ) President and Chief Executive Officer Hayden Locke. "Their commitments reflect their confidence in the long-term potential of the Marimaca Project and our ability to deliver sustained value for our shareholders."

Additionally, the company said that, in connection with the private placement, Greenstone Resources L.P. and certain of its affiliates have agreed to waive their respective option to participate pro rata in equity financings by the company, and that Mitsubishi will be offered the option to purchase shares pro rata on the same terms as the private placement within 30 business days of its closing.

Price: 4.95, Change: +0.16, Percent Change: +3.34