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Vancouver's Kootenay Silver amended its previously announced non-brokered private placement from 7.35mn units to up to 8.33mn units at a purchase price of Cdn$0.30 each for gross proceeds of up to Cdn$2.5mn (US$2.33mn), said a press release.
The net proceeds will be used to finance additional work on the company's Promontorio property in Mexico, its other properties and general working capital.
The proceeds will be used to commence drilling at the Ilo Este copper project in Peru, continued test work on the Guadalupito iron-gold project also in Peru and general working capital.
Vancouver-based Lara Exploration signed a binding letter of intent granting an option to purchase its Corina gold project in southern Peru to Compañía Mineral Ares, a subsidiary of London-listed Hochschild Mining, a company statement said.
Under the proposed terms, Ares can acquire the Corina property for staged cash payments totaling US$4.15mn, carrying US$2mn in exploration work and paying a 2% net smelter return royalty on any future production
Ares will be the project operator, with Lara providing support with community relations until a community agreement is secured. If Ares fails to secure a drill permit for 20 drilling sites within a year of signing the community agreement, it will pay Lara another US$150,000.