Pacifico Minerals raising up to $12 million for silver-lead-zinc project

Pacifico Minerals Ltd (ASX:PMY) is raising up to $ 12 million via a placement and a share purchase plan to fund its DFS for the Sorby Hills Silver-Zinc-Lead Project in the Kimberley Region of Western Australia.

The company has received binding commitments from quality institutional and strategic shareholders for its $10 million share placement issue.

Pacifico is also undertaking a share purchase plan (SPP) to raise up to $2 million thus taking the overall funds raised to $12 million.

Sorby Hills Project

The Sorby Hills Project is a joint venture between Pacifico and its contributing partner Yuguang (Australia) Pty Limited, a wholly-owned subsidiary of Chinas Henan Yuguang Gold and Lead Co. Ltd.

Pacifico has a 75% share in the joint-venture while the remaining 25% is held by Yuguang.

Use of funds

The company is undertaking the fundraising exercise to spend on projects including:

  • Completion of the DFS for Sorby Hills Lead-Silver-Zinc Project;
  • High-impact drilling program across multiple near-mine and quality exploration targets;
  • Finalisation of permitting and approvals required to begin construction; and
  • Finalisation of offtake and financing arrangements.

Strengthening the companys balance sheet

Pacifico managing director Simon Noon said: “The capital raising, whereby the company received bids in excess ofRead More – Source