Mogotes Metals Provides Additional Update on Exercise of Rights
Mogotes upsized its CD Capital rights exercise to $19.2M, confirming institutional backing for the project.
Mogotes Metals Inc. announced an increase in the size of its private placement financing to CD Capital Fund IV L.P. and other shareholders exercising pre-emptive rights. The number of common shares to be issued has been increased from 38,558,817 to up to 39,186,369 shares at a fixed price of $0.49 per share. Total gross proceeds are expected to increase to up to $19,201,320.81.
CD Capital intends to increase its ownership interest to 19.9% on a partially diluted basis. The closing remains subject to regulatory approvals, specifically TSX Venture Exchange approval. Issued shares carry a four-month-plus-one-day hold period. This release is a direct follow-up to the July 14 and July 21 announcements detailing the initial rights exercise and subsequent size increase.
Mogotes Metals Inc. (MOG) announced a routine follow-up to previously disclosed financing terms, confirming continued institutional participation from CD Capital. The transaction provides approximately $19.2 million in incremental working capital to fund ongoing exploration and corporate obligations.
The shares were issued at $0.49, representing a roughly 15% discount to the recent trading range of $0.50 to $0.58, which adds near-term dilution. The proceeds are modest relative to the company’s $43.8 million cash balance and do not materially alter the capital runway or the explicit going concern warning. The announcement finalizes the mechanics of the rights exercise and aligns fully with prior expectations, introducing no new strategic developments or unexpected financial terms.
Mogotes Metals Inc. (MOG) is a pre-revenue exploration company advancing copper-gold-silver projects across Argentina, Chile, Kazakhstan, and the USA. Its flagship asset is the Filo Sur project, located in the Vicuña District straddling the Argentina-Chile border, directly adjacent to the BHP/Lundin Filo del Sol deposit.
The company is in the early stages of exploration, with diamond drilling commencing in late 2025. Recent results at the Albor and Cruz del Sur targets have shown high-grade, near-surface copper-gold-silver-molybdenum mineralization, though no mineral resources or economic studies have been published. Additional assets include the Beskauga project in Kazakhstan under an option agreement, the Copper Cliff project in Montana under a Rio Tinto JV option, and the La Perla concessions in Chile.