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Minera Raises C$15.5mln To Develop Ollachea

Minera IRL (LON:MIRL, TSE:IRL) revealed this afternoon it has raised nearly C$15.5mln to fund the early development costs at its Ollachea gold project in Peru.

The firm has completed the previously announced offering, issuing around 21.7 mln shares at C$0.71 per share to raise C$15,460,250.

The company gave a break-down of how it plans to spend the proceeds at Ollachea, including C$3.1mln for general & administrative costs, permitting, community, and archaeology & land acquisition.

C$4.3mln will go towards advancing the tunnel into the rock to 1,200 metres.

Minera has set aside a further C$1mln for underground exploration work at Ollachea.

Last Friday, the firm said it was looking to raise around C$15.3 million. That came after it said earlier in the week it was looking to raise C$32mln (£20.1mln) to move Ollachea forward.

Shares were unchanged at 48p each.

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