Today is the last day to secure Rights Issue

Set to embark on its maiden copper-gold drilling campaign in Papua New Guinea (PNG) within weeks, Los Cerros Ltd (ASX: LCL) is currently offering a Rights Issue to shareholders.

…and today is the last day to become an eligible LCL shareholder.

The company is offering existing shareholders (including those that buy today at the lastest) the right to buy 1 LCL share for $0.03 for every 5 LCL shares held.

LCL today released an investor presentation that explains the reason for the capital raise.

Firstly, the $4.3M that LCL is seeking to raise will provide flexibility for the company to expand its field programs in PNG. The PNG projects look to have a lot of compelling targets and the more cash in the bank, the more targets can be advanced with high impact early exploration.

Secondly, the Rights Issue has been timed to correspond with the upcoming drilling program at the priority Kusi copper-gold target, giving existing shareholders the right to get in early before any newsflow from this, and from other exploration programs, begins to arrive.

In the video below Managing Director Jason Stirbinskis talks us through the new investor presentation, which also provides an overview of the PNG projects and the upcoming drilling program.

And here is the presentation slide deck.

In case you missed it, we published a longer note yesterday, where we take a look at LCL’s exploration plans for the year ahead and introduce an undated Investment Memo for the company.

You can find that note here:

As per our Investment Plan outlined in our new LCL Investment Memo, we intend to take up our full entitlement in the Rights Issue.