From AFRLos Cerros raising $20 million for Colombian...

From AFR

Los Cerros raising $20 million for Colombian explorationAnthony Macdonald and Yolanda RedrupJul 14, 2021 – 11.50amSaveShareFunds have the chance to get a slice of yet another explorer, with yet another gold miner tapping investors for cash.Los Cerros is in the market raising up to $20 million, via a placement, having appointed Euroz Hartleys and Sprott Capital Partners as joint lead managers.Los Cerros is raising up to $20 million. The funds will be used to bolster its exploration efforts at its Quinchia Project and Andes Project in Colombia.The placement of 93.75 million ordinary shares will raise between $15 million and $20 million.Priced at 16¢ per share, the offer comes at a 11.1 per cent discount to the company’s last trading price of 18¢.AdvertisementInterested investors have until 4pm on Wednesday to get their bids in, but only those invited to participate may make a bid.While the bulk of the raise does not require shareholder approval, if the company raises more than $19.4 million, the additional capital will be subject to shareholder approval.With the funds Los Cerros will grow from three to five active diamond rigs, commence initial metallurgical studies at its Tesorito South prospect and fund its final submissions in relation to the Miraflores mining approvals.It will also fund geographical studies and surface works at earlier-stage sites within the Quinchia Project.