Cerro de Pasco Resources Announces Closing of $22.7 Million in Combined LIFE and Non-Brokered Private Placements, Including Participation by Eric Sprott

Core Viewpoint - Cerro de Pasco Resources Inc. has successfully closed a brokered private placement and a concurrent non-brokered private placement, raising a total of approximately $22.74 million to advance its Quiulacocha Project towards feasibility and pre-construction readiness [1][2][3]. Financing Details - The LIFE Offering raised gross proceeds of $14,998,179.36 through the sale of 31,246,207 units at a price of $0.48 per unit [2] - The concurrent non-brokered private placement generated an additional $7,737,960.00 from the sale of 16,120,750 units at the same offering price [2] - The total gross proceeds from both offerings amount to $22,736,139.36 [1] Use of Proceeds - The net proceeds from the offerings will be utilized to advance technical, environmental, and engineering work necessary for the feasibility stage of the Quiulacocha Tailings Project, along with general corporate purposes [8] - The company is actively engaged in ongoing discussions with relevant authorities to facilitate the next phase of project development [8] Management Commentary - The CEO of Cerro de Pasco Resources emphasized that the financing strengthens the company's financial position to advance the Quiulacocha Project and highlights a commitment to responsible resource development and long-term value creation [3] Participation and Related Party Transactions - Notable participation in the offering includes Mr. Eric Sprott, who invested approximately $4 million for 8,333,333 units [5] - The offering is classified as a "related party transaction," and the company relied on exemptions from formal valuation and minority shareholder approval requirements [6] Securities Information - The securities from the LIFE Offering are immediately freely tradeable, while those from the Concurrent Offering are subject to a statutory hold period expiring on March 8, 2026 [7] Company Overview - Cerro de Pasco Resources focuses on developing its 100%-owned El Metalurgista mining concession in Peru, which contains significant silver-rich tailings and stockpiles from over a century of mining [10] - The company's strategy involves reprocessing and remediating historic mining waste to unlock value while supporting sustainable development [10]