Carube Copper Corp (CVE:CUC) announced plans to raise up to C$2.2 million in a non-brokered private placement to fund exploration at its Jasperoide project in Peru, it said Wednesday.
The Toronto-based company will issue up to 40 million shares priced at $0.055 to raise the proceeds.
Jasperoide is a high-grade copper-gold skarn and porphyry project spanning 5,700 hectares in southern Peru near three producing mines.
READ: Carube Copper gets go-ahead to restart exploration at its Jasperoide copper-gold project in Peru
In June, the firm received approval from Peruvian authorities to restart exploration work at Jasperoide after suspending operations in light of the coronavirus (COVID-19) pandemic.
The approval from the Peruvian government does not include drilling activities.
Since field work was put on hold in March, Carube undertook a comprehensive review of historic data, including drill core and logs, and developed a 3D geologic block model for the deposit, which is located in the prolific Andahuaylas-Yauri Porphyry-Skarn belt.
A portion of the proceeds raised in the private placement will go towards working capital.
The offering is expected to close by August 13.
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