Announcement - Entitlement Offer Fully Subscribed
Announcement - Entitlement Offer Fully Subscribed
Highlights
A$14.1M
Entitlement Offer received strong demand from Australian, Canadian and international
shareholders
Completion of the Entitlement Offer provides funding to deliver the following key milestones in the
growth and development of the Costa Fuego copper-gold project, located in the coastal range of
Chile
:
Completion of the Company's asset-level strategic partnering process (as announced on
5
August 2025
)
Commencement of phase-two diamond drilling at the La Verde copper-gold discovery
expected to facilitate a maiden mineral resource estimate
Further updates expected as the Company accelerates its growth and development plan with
strengthened treasury and a strong copper and gold price environment
PERTH, Australia
,
Sept. 5, 2025
/CNW/ - Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot
Chili" or the "Company") is pleased to announce that its previously announced entitlement offer closed fully
subscribed. The pro-rata non-renounceable entitlement offer of 2 (two) fully paid ordinary shares in the
Company ("New Shares") for every 13 (thirteen) fully paid ordinary shares held by eligible shareholders at the
record date of
8 August 2025
, at an issue price of
A$0.60
(
60 cents
) per New Share ("Entitlement Offer")
raised
A$14.1 million
before costs.
The Entitlement Offer received strong demand from eligible shareholders in
Australia
,
Canada
and other
eligible international jurisdictions.
Proceeds from the fully subscribed Entitlement Offer, in addition to existing treasury, will provide funding to be
used for the completion of the Company's asset-level, strategic partnering processes being led by BMO
Capital Markets, diamond drilling at La Verde and ongoing development studies, exploration and for general
working capital.
The New Shares will be issued on Tuesday,
9 September 2025
.
Managing Director & CEO
Christian Easterday
commented:
"On behalf of the Board, I'd like to sincerely thank our shareholders for their continued support to achieve
this outstanding result.
To raise the full
$14.1 million
is a strong validation of Hot Chili's Costa Fuego Project as one of only a few
large-scale copper projects in the development pipeline with near term production timelines."
The Entitlement Offer closed on
2 September 2025
. Eligible shareholders who applied for their entitlements in
full were able to apply for additional New Shares under the ancillary shortfall facility. Eligible shareholders who
applied for additional shares through the shortfall facility and were not allotted the full amount will receive a
refund of the excess application monies to their registered bank account.
Valid applications have been received and accepted for a total of 23,648,329 New Shares under the
Entitlement Offer and shortfall facility to raise
A$14,188,997
(before costs).
This announcement is authorised by the Board of Directors for release to ASX and TSXV.
For further information, please contact:
Christian Easterday
Managing Director & CEO – Hot Chili
Tel: +61 8 9315 9009
Email:
Carol Marinkovich
Company Secretary – Hot Chili
Tel: +61 8 9315 9009
Email:
Graham Farrell
Investor & Public Relations
Email:
or visit Hot Chili's website at
www.hotchili.net.au
Qualifying Statements
Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This announcement contains certain statements that are "forward-looking information" within the meaning of
Canadian securities legislation and Australian securities legislation (each, a "forward-looking statement").
Forward-looking statements reflect the Company's current expectations, forecasts, and projections with
respect to future events, many of which are beyond the Company's control, and are based on certain
assumptions. No assurance can be given that these expectations, forecasts, or projections will prove to be
correct, and such forward-looking statements included in this announcement should not be unduly relied upon.
Forward-looking information is by its nature prospective and requires the Company to make certain
assumptions and is subject to inherent risks and uncertainties. All statements other than statements of
historical fact are forward-looking statements. The use of any of the words "estimate", "expectations", "may",
"plan", "potential", "project", "reinforce", "unlock", "large-scale", "could", "should", "will", "would", variants of
these words and similar expressions are intended to identify forward-looking statements.
The forward-looking statements within this announcement are based on information currently available and
what management believes are reasonable assumptions. Forward-looking statements speak only as of the
date of this announcement.
In this announcement, forward-looking statements relate, among other things, to: the timing of the issuance of
the New Shares; the anticipated use of proceeds from the Entitlement Offer; the results of the asset-level
strategic partnering process; the potential of the La Verde discovery, including the timing and ability, if at all, to
publish a maiden mineral resource estimate; acceleration of the Company's its growth and development plan;
and the Company's future exploration and other business plans.
Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may
cause the actual results, performance, or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by the forward-looking statements. A
number of factors could cause actual results to differ materially from a conclusion, forecast or projection
contained in the forward-looking statements in this announcement, including, but not limited to, the following
material factors: the results of the asset-level strategic partnering process; the ability of drilling and other
exploration activities to accurately predict mineralisation; operational risks; risks related to the cost estimates
of exploration; sovereign risks associated with the Company's operations in
Chile
; changes in estimates of
mineral resources or mineral reserves of properties where the Company holds interests; recruiting qualified
personnel and retaining key personnel; future financial needs and availability of adequate financing; fluctuations
in mineral prices; market volatility; exchange rate fluctuations; ability to exploit successful discoveries; the
production at or performance of properties where the Company holds interests; ability to retain title to mining
concessions; environmental risks; financial failure or default of joint venture partners, contractors or service
providers; competition risks; economic and market conditions; and other risks and uncertainties described
elsewhere in this announcement and elsewhere in the Company's public disclosure record.
Although the forward-looking statements contained in this announcement are based upon assumptions which
the Company believes to be reasonable, the Company cannot assure investors that actual results will be
consistent with these forward-looking statements. With respect to forward-looking statements contained in this
announcement, the Company has made assumptions regarding: future commodity prices and demand;
availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest
rates; the impact of increasing competition; general conditions in economic and financial markets; availability of
drilling and related equipment; effects of regulation by governmental agencies; future tax rates; future
operating costs; availability of future sources of funding; ability to obtain financing; and assumptions underlying
estimates related to adjusted funds from operations. The Company has included the above summary of
assumptions and risks related to forward-looking information provided in this announcement to provide
investors with a more complete perspective on the Company's future operations, and such information may not
be appropriate for other purposes. The Company's actual results, performance or achievement could differ
materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no
assurance can be given that any of the events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits the Company will derive therefrom.
For additional information with respect to these and other factors and assumptions underlying the forward-
looking statements made herein, please refer to the public disclosure record of the Company, including the
Company's most recent Annual Report, which is available on SEDAR+ (
www.sedarplus.ca
) under the
Company's issuer profile. New factors emerge from time to time, and it is not possible for management to
predict all those factors or to assess in advance the impact of each such factor on the Company's business or
the extent to which any factor, or combination of factors, may cause actual results to differ materially from
those contained in any forward-looking statement.
The forward-looking statements contained in this announcement are expressly qualified by the foregoing
cautionary statements and are made as of the date of this announcement. Except as may be required by
applicable securities laws, the Company does not undertake any obligation to publicly update or revise any
forward-looking statement to reflect events or circumstances after the date of this announcement or to reflect
the occurrence of unanticipated events, whether as a result of new information, future events or results, or
otherwise. Investors should read this entire announcement and consult their own professional advisors to
ascertain and assess the income tax and legal risks and other aspects of an investment in the Company.
View original content:
https://www.prnewswire.com/news-releases/announcement---entitlement-offer-fully-subscribed-302547445.html
SOURCE
Hot Chili Limited
View original content:
http://www.newswire.ca/en/releases/archive/September2025/05/c4711.html
%SEDAR: 00053528E
CO: Hot Chili Limited
CNW 07:00e 05-SEP-25