Elim Mining Completes $3.8 Million Equity Financing to Advance Cactus Mine, Arizona
[Click image to enlarge]
Elim Mining Incorporated has closed the first tranche of a non-brokered private placement of common shares of the company for aggregate gross proceeds of $3,811,620.60. A second tranche consisting of shares subscribed by a technical consortium comprised of Samuel Engineering and Q&D is expected to close in January 2021.
The company has agreed with the consortium that $1,900,000 of the fees payable for certain services on the stockpile project will be satisfied by issuing common shares (6,333,333) at the deemed price of $0.30 per common share. The company’s largest shareholders, Tembo Capital and RCF, have the right to participate in the offering up to the amount required to maintain their respective shareholdings.
The company intends to use the proceeds of the offering to advance the resource development drilling at the Cactus Mine and Parks/Salyer properties, additional technical studies of the stockpile project, land acquisitions, and general working capital.
“The new inflow of capital supports the company’s overall site development strategy. In particular, the participation of the consortium is a strong indicator of their confidence in the stockpile project. Activities will feed into a preliminary economic assessment on the Cactus West and Cactus East deposits, expected in Q2 2021. The consortium of technical industry professionals will provide the additional input to continue fine-tuning the economics of the stockpile project with drilling and metallurgical testing,” said John Antwi, president and chief executive officer.
“Having our trusted consultants manage the advancement of the stockpile allows Elim to remain laser-focused on the advancement of the larger in-ground copper porphyry resources. We look forward to optimizing the multiple potential mining, processing and personnel synergies between the Stockpile Project and Cactus Mine,” added Antwi.
Pursuant to their subscription, Elim will grant the consortium, the right of first offer to bid for certain future services related to the stockpile.
About Elim Mining Incorporated
Elim Mining Incorporated is a private company that is building a scalable, multi-phase, multi-billion-pound copper porphyry project on private land in Arizona. The company is initially focused on resource development of the Cactus Mine, which is a re-start of the former Sacaton mine that was operated by ASARCO through 1984. Concurrently, the company is exploring the geologic district, including the Parks/Salyer Property. Based on the current land position, the company has exposure to a porphyry copper system. The company is managed by mining executives with an aggregate of over 210 years’ experience in mine operations and business. With a history and reputation for strategically launching, revitalizing, and leading multi-million-dollar mining organizations, the team has achieved tremendous growth and value for investors in a socially and environmentally responsible manner.
To stop by Elim’s website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2020 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
