Chile focused copper producer Coro Mining Corp (CVE:COP) says it has closed the first tranche of an earlier announced private placing, bringing in around C$4.66mln.
The firm has now issued 35.89mln shares, at C$0.13 each, the firm said.
It is anticipated that the proceeds will be used to complete a definitive feasibility study (DFS) including geotechnical, metallurgical and infill drilling, to earn Coro's 75% interest in the project and to fast-track Marimaca to production.
The remainder of the financing may be used for working capital purposes.
It is anticipated that the final tranche of the private placement will close in October this year.
Coro is locking for projects at any stage of development, which are well located with respect to infrastructure and water, have low permitting risk, and have the potential to achieve a short and cost effective timeline to production.
Its assets include the Marimaca development project; its 65% in the SCM Berta company, which owns the Berta mine and Nora plant and the Llancahue prospect.