Orosur raising $5.0 million for Anza gold project, Colombia

Orosur Mining Inc. [OMI-TSXV, AIM] said it has arranged to raise gross proceeds of up to $5.0 million from a private placement of up to 29.4 million units priced at 17 cents per unit. The company said it intends to use the net proceeds of the offering to advance its Anza exploration project in Colombia.

Anza is a gold exploration project, consisting of three exploration licenses, a small exploitation permit and a large number of licence applications covering 399 square kilometres, in the prolific Mic-Cauca belt of Colombia. Orosur is also active in Argentina and Nigeria.

Anza is now 100% owned by the company following completion of a share purchase agreement announced back in November, 2024, whereby the company purchased all of the shares of its previous joint venture partner Minera Monte Aguila (MMA), a joint venture between two of the world’s largest gold miners, Agnico-Eagle Mines Ltd. (AEM-TSX, AEM-NYSE) and Newmont Corp. [NGT-TSX, NEM-NYSE, ASX, PNGX].

Under the terms of the offering, each unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the company for 25 cents at any time on or before that date which is 24 months after closing, which is expected to occur by March 27, 2025.

The agent will have an option to sell up to an additional 5.9 million units at the offering price, a move that could add up to an additional $1.0 million to the gross proceeds. The option can be exercised in full or in part for up to 48 hours prior to the closing date.

Orosur eased $11.11 or$0.02 to 16 cents Thursday. The shares trade in a 52-week range of 30.5 cents and $0.035.

The Anza project is located 50 kilometres west of Medellin and 60 kilometres south of the giant Buritica deposit which was recently acquired by Chinese firm Zijin Mining Group Co. Ltd. for $1.4 billion via a takeover of Continental Gold Inc.

The project is easily accessible by all-weather roads and boasts excellent infrastructure, including water, power and communications as well as a large exploration camp.

From September 2018 to November 2024, the Anza project was under the control of Orosur’s previous joint venture partner MMA. As such, the company has only been in control of the project for less than four months.

The company is currently focused on three prospects within the Anza Project – Pepas, APTA and El Cedro. All three prospects are within the same granted exploration title that is broken into two, non-contiguous pieces. Drilling is currently being undertaken at the Pepas prospect in the northern extent of the Anza Project over 10 kilometres north of the base camp.