11:57 AM EDT, 07/16/2024 (MT Newswires) -- Marimaca Copper ( MARIF ) said Tuesday it secured a $68-million investment from Assore International Holdings (AIH).

Following the transaction, AIH will own 15% of Marimaca on a non-diluted basis and 18.1% on a partially diluted basis.

Marimaca plans to use the proceeds to advance its flagship Marimaca copper project in Chile, as well as for exploration work programs at key targets within the company's regional land package.

The investment comprises the acquisition of 9.42-million shares by AIH from Tembo Capital for $42.38 million.

The offering also includes a private placement of 5.73-million share units to AIH made up of a share and one half of an 18-month warrant to buy a second share for $5.85, to raise $25.76 million

"AIH has completed extensive due diligence and is aligned with our objective of becoming a copper producer, while continuing to invest in exploration and other opportunities for value creation," Marimaca chief executive Hayden Locke said. "AIH and its parent company Assore Holdings bring a valuable combination of deep mining heritage, business acumen and financial strength, which further derisks us on our development journey."

Another investor will also subscribe for one-million units in Marimaca on the same pricing terms for $4.5 million in proceeds.

Marimaca shares were last seen up $0.16 to $4.00 on the Toronto Stock Exchange

Price: 4.00, Change: +0.16, Percent Change: +4.17