{kanada_flagge}A few weeks after signing a memorandum of understanding (MoU) with its project neighbors Glencore and Volcan in Peru, Cerro de Pasco Resources Inc (CSE: CDPR; OTCPK: GPPRF; FRA: N8HP) has successfully completed a CAD2,519,500 private placement.
{kanada_flagge}A few weeks after signing a memorandum of understanding (MoU) with its project neighbors Glencore and Volcan in Peru, Cerro de Pasco Resources Inc (CSE: CDPR; OTCPK: GPPRF; FRA: N8HP) has successfully completed a CAD2,519,500 private placement.
The Company issued 25,195,000 units of the Company at a price of CAD 0.10 per unit. Each unit consisted of one common share and one share purchase warrant. Each warrant entitles its holder to purchase one common share at an exercise price of CAD 0.25 per common share for a period of 24 months from the date of issuance of the warrant. Exercise of the warrants may be required by the Company if the volume weighted average price of the common shares exceeds CAD0.60 per common share for 20 consecutive trading days during the next 24 months.
The net proceeds from the Offering will be used for working capital purposes. An additional CAD2 million was recently provided by Glencore in the form of a term loan in connection with the MoU between the companies. Cerro de Pasco’s growth focus is on the development of the El Metalurgista mining concession, one of the world’s largest surface mineralized resources, which is also a legacy resource for the community and the environment. Cerro intends to use the latest techniques to process the historic mining waste and recover metals. Some of the remaining waste will be converted into green hydrogen and derivatives in the future.
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