Canada's Argentina Metals plans to raise C$3 million to explore copper-gold project in Argentina
en.Wedoany.com Reported - On October 23, Canadian mineral exploration company Argentina Metals announced plans to raise up to C$3 million through a non-brokered private placement to advance its copper-gold exploration project in Mendoza Province, Argentina. The company intends to issue up to 9.375 million common shares at C$0.32 per share. The proceeds will mainly support field surveys, geophysical exploration and drill target selection at the Las Estrellas project, with the goal of commencing the first drilling program in 2027.
Las Estrellas is the exploration project that this financing round primarily supports. Previous field surveys provided baseline data for screening mineralized targets, and the technical team has additionally identified seven priority exploration areas requiring further study. The company plans to use the proceeds to continue geophysical surveys and on-site reconnaissance, define potential drill targets, and organize the first drilling program after securing necessary funding and regulatory permits.
This financing is a non-brokered private placement that may be completed in one or more tranches, with the first tranche expected to close on or about October 30. The transaction remains subject to approval by the TSX Venture Exchange. Directors and other insiders of the company may participate in the subscription. The common shares issued will be subject to a hold period of four months and one day from the date of issuance.
Argentina Metals holds approximately 146,700 hectares of mining rights in Mendoza Province across 26 exploration projects, primarily involving copper and gold mineral resources. The company plans to allocate this financing to exploration work within its project portfolio while retaining a portion of the funds for working capital and general corporate expenses. Las Estrellas remains at an early-stage exploration phase, and the 2027 drilling plan is contingent upon obtaining financing and relevant permits.
