Algo Grande Copper Corp. has closed its non-brokered private placement, raising gross proceeds of $4,786,498 through the issuance of 7,977,497 common shares at a deemed price of $0.60 per share.

Funds from the financing will support ongoing exploration at the company's 100%-owned Adelita Project in Sonora, Mexico, alongside general working capital and operating costs. Specifically, the capital is earmarked to fund an ongoing 8,000-metre Phase II diamond drill campaign across a 2.5-kilometre corridor at the property.

Phase I drilling at the Cerro Grande skarn previously intersected multiple stacked copper-gold-silver horizons at depth. Subsequent Phase II drilling has further expanded the visually observed copper-bearing footprint in Hole 2 to 68.77 metres. Assay results from the active drill program are anticipated in the coming weeks.

In connection with the closing of the offering, Algo Grande paid eligible finders aggregate cash commissions of $104,020 and issued 238,950 common share purchase warrants. Each finder warrant entitles the holder to acquire an additional common share at an exercise price of $0.60 until the date that is two years after issuance. All securities issued under the placement are subject to a statutory four-month hold period expiring four months and one day from the closing date.

Insiders of the company subscribed for 123,333 shares for aggregate gross proceeds of $73,998. This insider participation constitutes a related-party transaction under Multilateral Instrument 61-101. The company relied on exemptions from formal valuation and minority shareholder approval requirements because the value of the insiders' participation does not represent more than 25% of the company's market capitalization.

Regional exploration across the wider district continues to attract interest. Within the surrounding area, Oroco Resource Corp. recently reported drill results intersecting 26.48 metres at 1.18% copper equivalent at the Santo Tomas project.

Read the full announcement: Algo Grande Copper Closes Oversubscribed Private Placement for $4.786 Million