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Algo Grande Copper Closes C$4.8 Million Private Placement

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Algo Grande Copper (ALGR.V) after trade Tuesday said it has closed its private placement, raising C$4.79 million through the issuance of nearly 8 million common shares at C$0.60 each.

The company said proceeds will be used to fund ongoing drilling and exploration at its Adelita Project in Sonora, as well as operating costs and general working capital.

The shares are subject to a four-month hold period. Company insiders also participated in the offering, subscribing for 123,333 shares worth about C$74,000, according to the statement.

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