- Hot Chili (HCH) shares receive boost today after the company said it would close its share purchase plan (SPP) early due to “overwhelming support”
- The SPP is set to close today at 5pm, with Hot Chili already having received applications for the $5 million it was seeking to raise
- Funds are set to go towards securing the final acquisition payment for a 100 per cent interest in its Cortadera copper-gold discovery in Chile
- A total of 156,250,000 new shares are set to be issued under the plan
- Hot Chili shares are up 2.44 per cent to trade at 4.2 cents at 12:05 pm AEST
Hot Chili (HCH) shares received a boost after the company said it would be closing its share purchase plan early due to “overwhelming support”.
The share purchase plan (SPP) forms part of Hot Chili’s broader fundraising efforts announced earlier this month when the company said it was looking to raise $40 million via a private placement and $5 million via a subsequent SPP.
A total of 156,250,000 new shares are set to be issued under the SPP at the same price as the placement at 3.2 cents.
Hot Chili said it had already received applications for more than $5 million from eligible shareholders under the SPP.
Hot Chili Managing Director Christian Easterday thanked shareholders for participating.
“We look forward to delivering on our copper-gold resource growth pipeline in Chile to build long term shareholder value as we transition Hot Chili into a premier global copper developer,” he said.
According to the company, proceeds from the raise will be used to secure the final acquisition payment for a 100 per cent interest in its Cortadera copper-gold discovery in Chile.
Hot Chili said the SPP would be closing today at 5pm, with shares set to be issued Thursday September 2.
Hot Chili shares were up 2.44 per cent to trade at 4.2 cents at 12:05 pm AEST.