Los Cerros (ASX:LCL) has closed its non-renounceable pro-rata entitlement offer at $0.03 per share, raising a total of $2.2M.
With cash of $8.4M at the end of December and now an additional $2.2M raised from the offer, the company says it's well funded to execute its proposed drilling and exploration activities at the recently acquired Papua New Guinea (PNG) portfolio.
Los Cerros is an Australian company which holds 3890? of exploration titles in PNG prospective for copper, gold, and nickel.
Shares of Los Cerros are up 7% the past five days and month.