01:03 PM EDT, 06/11/2025 (MT Newswires) -- Marimaca Copper ( MARIF ) on Wednesday closed the first tranche of a non-brokered private placement for proceeds of about $20.7 million.

The company said Assore International Holdings and Ithaki each subscribed for 2.25-million shares at $4.60 per share.

An additional institutional investor with affiliates will subscribe on the same terms as AIH and Ithaki for an additional 811,416 shares for $3.73 million. Closing of the second tranche is expected on or around June 12.

Proceeds will be used for exploration, to advance its flagship Marimaca Copper ( MARIF ) project located in the Antofagasta Region of northern Chile and for general corporate purposes.

Marimaca shares were last seen down $0.23 to $5.46 on the Toronto Stock Exchange.

Price: 5.46, Change: -0.23, Percent Change: -4.04