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(Kitco News) - Marimaca Copper (TSX: MARI) today announced a C$20 million equity investment by Mitsubishi Corporation by way of non-brokered private placement.
The company said that Mitsubishi will subscribe for an aggregate 4,640,371 units consisting of one common share and one common share purchase warrant at a price of C$4.31 per unit.
Following completion of the strategic investment, Mitsubishi will own approximately 5.0% of Marimaca’s issued and outstanding common shares on a non-diluted basis.
According to a company statement, proceeds from the strategic investment will be used to advance and accelerate the development of the company’s flagship Marimaca copper project located in the Antofagasta region, Chile.
Mitsubishi is a major investor in the Latin American copper industry with a portfolio of existing investments including Escondida, Los Pelambres, Antamina, Los Bronces and Quellaveco.
President and CEO Hayden Locke commented, “We are pleased to welcome Mitsubishi Corporation as a partner and shareholder in Marimaca. This investment is a strong endorsement of the quality of the Marimaca project from an exceptionally well-respected and established stakeholder in the Chilean copper industry.”
Marimaca Copper is a Canadian exploration and development company focused on developing the Marimaca project, an oxide, open-pit, heap leach copper project located in the Antofagasta region of northern Chile.
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