Element 29 Resources (ECU.V) on Wednesday said it closed its non-brokered private placement and issued 32.2-million common shares of the company at $1.10 apiece for $35.5 million.
Proceeds from the financing will be used to fund exploration activities at its Peru projects, including the 2026 drilling program at its flagship Elida porphyry copper-molybdenum-silver (Cu-Mo-Ag) deposit in west-central Per, and for general working capital needs.
Element 29 Resources Chief Executive Richard Osmond said: "... we are pleased to welcome Alpayana S.A.C., led by Chair Alejandro Gubbins, as a new strategic investor with a 9.9% interest in the Company."
"We are also pleased to welcome Randy Smallwood into the Financing, added Osmond.
Shares of the company were last seen up about 3% at $1.37 on the TSX Venture Exchange.
Price: $1.37, Change: $+0.04, Percent Change: +3.01%