EVR raises A$1.9M to advance Parag copper-molybdenum project, Peru

Project Name: Parag Project

Project Location: Peru

Project Stage: Exploration

ProjectBank Summary: EV Resources Limited (ASX: EVR) has successfully secured A$1.9 million in funding through a placement of 147.7 million ordinary shares at $0.013 per share. This capital raise will be instrumental in furthering the drilling program at the high-grade Parag copper-molybdenum project in Peru, which EVR holds a 70% interest in. The placement reflects strong investor confidence in EVR's copper-focused strategy in the Americas.

EV Resources Highlights:

• Successful Placement:

  • A$1.9 million raised through the issue of 147.7 million new shares.

  • Each new share comes with one free option, exercisable at $0.02 per share, expiring on 30 November 2026.

• Use of Funds:

  • Continued drilling at Parag copper-molybdenum project.

  • General working capital and costs associated with the placement.

• Strategic Endorsement:

  • Demonstrates strong investor support for EVR’s exploration strategy in Peru.

MD/CEO Statement: Hugh Callaghan, Managing Director of EV Resources, commented: "The successful fundraise represents a strong endorsement of the Company’s copper-focused strategy in the Americas. With the first assay results of six completed holes due in March, the funds raised will allow for continued drilling at the high-grade Parag copper-molybdenum project in Peru. We are looking forward to building on previous exceptional results."