Pecoy Copper secures C$49.8m strategic financing from Hudbay, another investor
TSX-V-listed Pecoy Copper Corp has entered into subscription agreements with TSX- and NYSE-listed Hudbay Minerals and another strategic investor, which have agreed to subscribe for 14.91-million and 9.76-million Pecoy shares, respectively, raising C$49.8-million in financing.
The net proceeds from the private placement will be used to advance exploration and development activities at the flagship Pecoy copper/gold project, in southern Peru.
“We are extremely pleased to announce these strategic equity investments in Pecoy Copper, representing an important milestone for our company. We believe these capital commitments reflect the substantial geological potential of Pecoy and the progress achieved through our exploration programmes.
"This additional capital further strengthens our financial position as we continue to expand our understanding of the mineralised system, pursue resource expansion, growth opportunities and advance technical work required to support the next phase of the project’s development," Pecoy Copper president and CEO Vincent Metcalfe says.
Hudbay CEO Peter Kukielski adds that the Pecoy project is an exciting copper development project in Peru, a jurisdiction where Hudbay has been operating successfully for over a decade.
"This investment helps to facilitate project derisking activities and increases our exposure to a high-quality development project in an attractive copperbelt.”
