CAPITAL MARKETS

Hot Chili targets better valuation with listing in Toronto  

HOT Chili intends to list in Toronto by the end of 2021, noting dual-listed successes in the past and higher valuations for current TSX and TSXV companies with copper projects.

Cortadera

Cortadera

They include Marimaca Copper (capitalised at C$356 million), Filo Mining Corp ($1.1 billion), Solaris Resources ($1.36 billion), Josemaria Resources ($322 million), and SolGold ($1.1 billion).
 
In comparison, Hot Chili is capitalised at about $93 million.
 
Dual-listed Australian successes cited by Hot Chili were Equinox Minerals and Andean Resources, with the former being acquired by Barrick for $7.3 billion and the latter by Goldcorp for $3.6 billion.
 
Hot Chili said it has paid application fees, appointed legal advisors, and begun the formal application process for a TSXV listing.
 
The copper explorer and development aspirant said further news flow could be expected shortly, with three drill rigs in operation and pre-feasibility studies underway in respect of its Cortadera and Santiago Z coastal projects.
 
Hot Chili started the recently completed March quarter with A$9.5 million cash.
 
Shares in Hot Chili were up 3% to 3.3% in afternoon trade, capitalising the company at $102 million.

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