Marimaca Copper Corp. has launched a significant C$409 million global offering, combining treasury and secondary share sales, to fund key development and exploration activities at its flagship Chilean copper project.
- Global offering totals approximately C$409 million (A$423 million)
- Includes treasury offering of C$136 million and secondary offering of C$273 million
- Shares priced at C$10.00 in Canada and CDIs at A$10.35 in Australia
- Proceeds to fund pre-construction engineering, early site works, and drilling at Pampa Medina
- Offering subject to TSX and regulatory approvals, expected to close by late February 2026
Marimaca Copper's Strategic Capital Raise
Marimaca Copper Corp. has announced a substantial global equity offering aimed at advancing its Marimaca Copper Project in Chile. The offering, valued at approximately C$409 million (around A$423 million), is structured as a combination of a treasury offering and a secondary sale of shares. This move underscores the company's commitment to progressing its flagship project through critical pre-construction phases and expanding its exploration footprint.
Offering Structure and Pricing
The global offering is split between a treasury component, where the company issues new shares to raise about C$136 million (A$141 million), and a secondary offering of existing shares worth approximately C$273 million (A$283 million) held by major shareholders, including the Greenstone Group. The Canadian portion of the offering prices common shares at C$10.00 each, while the Australian segment involves CHESS Depositary Interests (CDIs) priced at A$10.35. Both offerings are coordinated by a syndicate of Canadian and Australian financial institutions, with closing anticipated around 26 February 2026, pending regulatory approvals.
Use of Proceeds and Project Advancement
Funds raised from the treasury offering will be directed towards advancing the Marimaca Copper Project’s pre-construction engineering, early site works, and a significant drilling campaign at Pampa Medina, part of the Sierra de Medina property. This drilling program follows a successful 2025 discovery of a high-grade sedimentary copper horizon, highlighting the project's exploration potential. Additionally, proceeds will support general corporate purposes and working capital, positioning Marimaca to maintain momentum in both development and exploration activities.
Regulatory and Market Considerations
The offering is subject to customary regulatory approvals, including from the Toronto Stock Exchange (TSX) and Australian Securities Exchange (ASX). Marimaca has secured a 90-day lock-up agreement from selling shareholders to prevent share sales immediately following the offering, aiming to provide market stability. The company also ensures compliance with securities laws across multiple jurisdictions, including Canada, Australia, and select international markets, while excluding the United States from general distribution except to qualified institutional buyers.
Looking Ahead
This capital raise represents a pivotal step for Marimaca Copper as it transitions from exploration to development. The infusion of funds will enable the company to de-risk its project through detailed engineering and expanded drilling, potentially unlocking further resource upside. Investors will be watching closely for regulatory approvals and the impact of the offering on share liquidity and valuation, as well as forthcoming drilling results that could reshape the project's outlook.
Bottom Line?
Marimaca’s sizeable capital raise sets the stage for critical project milestones, but execution risks and market reception remain key watchpoints.
Questions in the middle?
- Will regulatory approvals proceed smoothly to meet the expected closing date?
- How will the market absorb the dilution from the treasury and secondary offerings?
- What impact will the upcoming drilling results at Pampa Medina have on resource estimates?