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Peruvian Metals Reports Third Quarter Throughput at the Aguila Norte Processing Plant and Announces Closing of Second Tranche of Private Placement
Toronto, Ontario--(Newsfile Corp. - October 2, 2020) - Peruvian Metals Corp. (TSXV: PER) ...
About this update from Peruvian Metals Corp.
[{"type":"text","content":"Peruvian Metals Reports Third Quarter Throughput at the Aguila Norte Processing Plant and Announces Closing of Second Tranche of Private PlacementToronto, Ontario--(Newsfile Corp. - October 2, 2020) - Peruvian Metals Corp. (TSXV: PER) (\"Peruvian Metals\" or the \"Company\") is pleased to provide an update regarding the mineral processing at its 80% owned fully permitted Aguila Norte Processing Plant (\"Aguila Norte\" or the \"Plant\") located in Northern Peru.During the third quarter of 2020, Peruvian Metals processed 4,240 metric tonnes (\"mt\") and as of September 30th stockpiled a further 699 mt at Aguila Norte.The Company is very pleased to have exceeded production levels compared to Q3 2019 production of 4,187 mt. Despite being shut down for almost five months due to COVID restrictions, mineral processing at the Plant started July 28th after establishing all health protocols required by the Peruvian Government. Jeffrey Reeder, CEO of Peruvian Metals, comments: \"The Company's Aguila Norte processing facility is now fully operational and is achieving consistent production since the restart of the Peruvian economy. Our mineral suppliers are pleased with the quality of concentrates being produced and are committed to continue shipping more mineral for processing. Our Company continues to work towards increasing profit margins and creating other revenue streams.\" The Company is also pleased to close the second tranche of 1.6 million units of its previously announced private placement offering of up to five million units at an offering price of five cents per unit (see the Company's press release dated Aug. 18, 2020), to raise gross proceeds of $80,000. Each unit consists of one common share of the company and one share purchase warrant to acquire one additional common share at an exercise price of 10 cents per share until October 2, 2022. In the event that the common shares of the Company trade at a closing price greater than 20 cents per share for a period of 10 consecutive days, then the Company may deliver a notice to the warrantholders that they must exercise their warrants within the next 30 days or the warrants will expire. The net proceeds from the offering will be used to finance further work on the Company's mineral resource properties in Peru, as well as to provide the Company with working capital for general a...