Orosur raising $17 million for Colombia gold project
Orosur Mining Inc. [OMI-TSXV, AIM] said it is aiming to raise up to $17 million from a private placement financing that will be used to advance the company’s Anza gold exploration project in Colombia.
Under an agreement with a syndicate of agents, the private placement will consist of 44.1 million common shares priced at 34 cents per share (or 0.1809 in U.K. pounds sterling).
On Thursday, Orosur shares eased 9.8% or $0.04 to 36.5 cents. The shares trade in a 52-week range of 52 cents and $0.04.
The company has granted the agents the option to sell up to an additional 5.9 million common shares at the offering price for an additional $2.0 million in gross proceeds. That option can be exercised in full or in part for up to 48 hours prior to closing, which is expected to occur on September 30, 2025. Closing is subject to the approval of both the TSX Venture Exchange and AIM Market of London Stock Exchange plc.
Orosur was in the news recently when Newmont Corp. [NGT-TSX, NEM-NYSE, ASX, PNGX] said it has disposed of 29.1 million Orosur common shares in a private transaction for 19 cents per share, generating gross proceeds of $5.5 million. That amount represented Newmont’s entire holding in Orosur, amounting to a 9.4% interest. As a result of this disposition, Newmont no longer holds any share in Orosur. Newmont said the shares were sold for investment purposes.
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].
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 Monera Monte Aguila (MMA).
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. Drilling highlights include PE044, which returned 38.5 metres of 6.01 g/t gold, and PEP045, which returned 62.3 metres at 12.76 g/t gold.
Resource World Magazine Inc. has prepared this editorial for general information purposes only and should not be considered a solicitation to buy or sell securities in the companies discussed herein. The information provided has been derived from sources believed to be reliable but cannot be guaranteed. This editorial does not take into account the readers investment criteria, investment expertise, financial condition, or financial goals of individual recipients and other concerns such as jurisdictional and/or legal restrictions that may exist for certain persons. Recipients should rely on their own due diligence and seek their own professional advice before investing.