Pacifico raises $750k to fund McArthur basin exploration

Published on: Jan 24, 2018 | by finfeed

Pacifico Minerals Ltd (ASX:PMY) is pleased to announce that the company has received binding commitments to raise ~A$750,000 through a placement of approximately 125 million new fully paid ordinary shares, at an issue price of 0.6 cents per share.

Those participating in the placement are likely to also receive a free attaching unlisted option on the basis of one option for every two shares subscribed, however this is dependent on shareholder approval. If approved, the options would have an exercise price of 1.5 cents and an expiry date of two years from the date of issue.

Completion of the placement is expected to occur on or around January 30 2018, at which point the company will make an application to the ASX to list the shares.

The funds raised via the placement will be used by the company to further its exploration activities at its Borroloola West Project in the Northern Territory. An aircore drill program, aimed at testing strike extensions of previously intersected oxide copper mineralisation at the Lorella prospect, is set to kick off at the project during Q2 2018.

Following the AC program at Lorella the company will undertake RC and diamond drilling required to establish Inferred Resources of oxide copper. The placement proceeds will also be used to assess new opportunities and for general working capital.

However, it is early stages here and investors should seek professional financial advice if considering this stock for their portfolio.

Earlier in the month, PMY released a positive update on its impressive array of resource projects including the aforementioned Borroloola West project as well as its Berrio Gold Project in Colombia.