- Pacifico Minerals to raise nearly $5 million for its Sorby Hills project
- The company will issue 575 million shares, at a price of $0.08 per share
- The company also announced its phase two drilling infill and expansion drilling is due to commence within the coming weeks
Pacifico Minerals is set to raise nearly $5 million for its Sorby Hills Project.
The company will issue 575 million shares, at a price of $0.08 per share, to raise $4.6 million. The capital raising will be managed by Euroz Securities.
The funds will go towards drilling, completing a pre feasibility study, advancing the work program and general working capital requirements for its Sorby Hills project.
Pacifico will be fully funded to deliver an optimised feasibility study by January 2020.
The company also announced its phase two drilling infill and expansion drilling is due to commence within the coming weeks.
On the back of a highly successful phase two drilling program, Pacifico will use additional available funding to commence a phase three drilling program, within the next two months.
Sorby Hills is a lead-silver-zinc joint venture project with Henan Yuguang Gold Lead Co., China’s largest leading smelting enterprise and silver producer.
Henan owns 25 per cent of the project, while Pacifico has a 75 per cent interest.
The project is located 50 kilometres northeast of Kununurra, Western Australia and consists of five mining licenses, totalling 4157 hectares.
Pacifico Managing Director Simon Noon is pleased with the response from the capital raise.
“The response to the capital raising from both new professional investors and our major shareholders has been extremely encouraging and I believe this is testament to the strong results the Sorby Hills project is consistently delivering,” he said.
Pacifico Mining is a Western Australia based exploration and development company focused on advancing the Sorby Hills project.