Orosur Mining raises $0.25m as it advances Anza project discussions

Orosur Mining announced on Tuesday that it was continuing to advance discussions to finance the next stage of exploration at the Anzá project in Colombia.

The AIM-traded firm said that, in connection with those discussions, an unnamed, “sophisticated” international mining company had agreed to advance $0.25m to subscribe for 3,603,077 common shares of Orosur at a price of 9.1 Canadian cents per share - a 102% premium to its closing price on the Toronto Stock Exchange on 9 July.

Completion of the Subscription remained subject to, amongst other things, the execution of definitive private placement documentation and the approval of the TSX and admission of the common shares to trading on AIM.

“The net proceeds from the subscription will be used for general corporate purposes and working capital requirements,” Orosur’s board said in its statement.