Irruptive Metals upsizes bought deal to $50 million
Irruptive Metals Corp. [IRR-TSXV] has announced the upsizing of a previously announced bought deal financing that is now expected to raise $50 million, up from an earlier $30 million target. Proceeds are earmarked for the company’s Pimenton copper-gold project in Chile.
The bought deal private placement consists of 40 million units priced at $1.25 per unit. Each unit will consist of one common share of the company and one half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share for 24 months from closing at $1.65. The underwriters have been granted the option to purchase up to an additional 8.0 million units at the offering price for additional proceeds of up to $10 million. That option can be exercised at any time up to 48 hours prior to closing which is expected to occur by September 10, 2026.
The shares were unchanged Friday at $1.40 and trade in a 52-week range of 70 cents and $2.10.
Irruptive Metals is a Canadian copper-gold exploration company with a focus on unlocking value from projects in Chile. The company’s flagship Pimenton Project is strategically located within one of the world’s most prolific porphyry copper-gold-belts and has been the subject of extensive historical exploration by major mining companies.
In a recent press release, the company said it had received regulatory clearance, allowing the company to advance its exploration program at Pimenton on an accelerated timeline. “This approval allows us to move quickly to test the significant copper-gold potential we see at the Central target,’’’ said Irruptive CEO Alfredo Bazo. The company said diamond drilling will focus on confirming geological continuity at depth and expanding the known mineralized footprint laterally, providing critical data to support future resource definition work.
In a press release on August 20, 2026, the company announced the completion of its first diamond drill campaign, totalling 3, 084 metres across four drill holes designed to test the central copper-gold porphyry system. Drill hole IMP002 returned 795.2 metres of 0.66% CuEq (0.41 g/t gold, 0.31% copper) from 167 metres to end of hole at 962.2 metres, including a gold-dominated high-grade interval of 60 metres grading 1.49% CuEq (1.37 g/t gold, 0.31% copper). The 2026 diamond drilling program was designed to twin or near twin historical drill holes completed by Rio Tinto Plc [RIO-NYSE] and Anglo American Plc [LON-AAL], with the objective of confirming historical geological and grade information and testing lateral and vertical extensions of known mineralization. Results obtained to date are consistent with the historical datasets and support reliability of original drilling, the company said. The latest results provide additional evidence that the porphyry system remains open to the southeast, east and northeast, supporting continued step-out drilling in that direction.
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