Hot Chili moves to raise A$40m
ASX- and TSX-V-listed Hot Chili on Monday announced a A$40-million capital raising through a private placement to institutional, professional, and other sophisticated investors.
The placement will issue up to 24.27-million new shares at A$1.65 each, representing a 15% discount to the company’s last closing price and 13.6% discount to the five-day volume-weighted average price prior to the trading halt on Monday.
The raising will occur under Hot Chili’s existing ASX placement capacity and is expected to settle on February 12, subject to approvals.
The capital raising is aimed at supporting several growth initiatives at Hot Chili’s flagship Costa Fuego copper/gold project in Chile, including the accelerated development of the La Verde discovery, for which the company intends to establish a maiden mineral resource.
Proceeds will also fund the definition of a high-grade starter pit at Costa Fuego, progress the feasibility study, complete the environmental-impact assessment, and support development of the Huasco water project.
Hot Chili said the funds would also be used for ongoing exploration, strategic funding initiatives, and general working capital.
“This raising enhances Hot Chili’s strategic funding optionality while ensuring Costa Fuego remains one of the few globally significant copper developments outside major mining companies that could deliver meaningful new supply this decade,” the company said.
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