en.Wedoany.com Reported - Algo Grande Copper Corp. has announced the launch of a non-brokered private placement aiming to raise gross proceeds of up to $3 million, with the funds to be used to advance and expand Phase II exploration at its 100%-owned Adelita project in Sonora, Mexico.

The offering is planned to consist of up to 5,000,000 common shares at a price of $0.60 per share. In addition to field technical activities, the proceeds will also be used to cover the company's operating costs and working capital requirements.

The financing follows recent operational progress at the 5,895-hectare property. On August 11, the company confirmed copper mineralization extensions in drill holes 2 and 3 of the ongoing drilling program at Cerro Grande, with two rigs currently in operation. Samples were delivered to the ALS laboratory in Hermosillo on August 7, with assay results expected to be returned in the coming weeks.

Algo Grande CEO Enrico Gay commented on the financing: "In less than a year, we have evolved from a data set to a full field team advancing the Adelita project in exploration, infrastructure, and community relations. The results from the Phase II drilling program to date give us the confidence to expand our exploration program and keep moving forward."

The transaction remains subject to approval from the TSX Venture Exchange and is subject to a four-month-and-one-day hold period on the securities. The company anticipates that management and related parties may participate in the offering under regulatory exemptions pursuant to Multilateral Instrument 61-101.

With this capital injection, Algo Grande will consolidate its validation of the deposit's potential. The deposit exhibits high-grade copper, gold, and silver skarn mineralization along a corridor exceeding 6 kilometers, with geophysical indications suggesting the presence of a porphyry system at depth within the mineral-rich Sonora-Arizona metallogenic belt.