Minera IRL (LON:MIRL, TSX:IRL, BVL:MIRL) has landed a C$37.5 million cash boost, after it raised even more capital than it expected.
The company has now closed its ‘best efforts’ equity placing.
Last month Minera upped its original expectations for the placing, saying it would raise C$32 million rather than the C$30 million it initially hoped for.
Now it has issued 32.6 million new shares at C$1.15 each.
"The closing of this offering represents an important milestone for Minera IRL," chairman Courtney Chamberlain said.
“We have gained new and significant institutional and retail investors, particularly in North America, and overall increased our profile and visibility within the international investment community."
The company plans to use the new capital to advance its key projects.
"We are now in a position to consolidate our objectives with regards to the development of the Don Nicolas Project in Argentina and the Ollachea Project in Peru,” Chamberlain added.
“Moreover, we will be increasing our exploration efforts in Patagonia where we have numerous targets within our 2,700 square kilometre tenement package, as well as at Ollachea in Peru where the deposit remains open and unexplored along strike and down dip.”