Southern Hemisphere Mining (ASX: SUH, TSX-V: SH) is a copper-gold exploration company with operational activities based in Santiago, Chile, focused on the discovery and exploitation of large tonnage base metal opportunities in South America.
Southern Hemisphere Mining Ltd (TSX-V: SH) will be listing on the Australian Stock Exchange shortly and is raising A$8 million via the underwritten issue of 32 million new shares at A$0.25 each.
In a statement, the Chile focused group said it will lodge the final prospectus with the Australian Securities and Investments Commission and the ASX on December 2. On gaining entry, Southern Hemisphere will be dual listed in Australia and Canada. Trading on the ASX will be via CHESS Depositary Interests.
Euroz Securities Ltd is underwriter to the planned fundraising and the corporate advisor to the company. The money raised will be spent on completing a detailed feasibility study on the Los Pumas manganese project in Chile and conducting well targeted exploration works on copper gold projects.
The company will grant 5.2 million options with an exercise price of A$0.30 and a vesting period of 36 months to directors, employees and key consultants and 1 million options to Euroz Securities Ltd as part-payment of the underwriting fee. These options will have an exercise price of A$0.25 and a vesting period of 36 months.
Southern Hemisphere has appointed David Craig as an independent non-executive director. Craig is currently non-executive chairman of Moly Mines Ltd (TSX, ASX: MOL) and a non executive director of United Minerals Corp NL.
The company has an extensive portfolio of copper/gold properties as well as the Los Pumas manganese project in Chile. Work is currently focussing on the manganese project as there is indication that this property can be developed into a viable mining operation in the short to medium term.
A definitive feasibility study on this project is a priority. Infill drilling to gain a higher level of confidence in resource inventory is underway. Work will also recommence on further drilling on the copper/gold properties in 2010, the company added.