Marifil Mines (CVE:MFM) says it has closed the private placement financing it announced last month, raising $950,000 in new funds that will be used for exploration and development activities on its properties in Argentina.
The junior explorer issued 19.0 million units at 5 cents each, subject to final exchange approval.
Each unit is made up of one common share and one share purchase warrant, which can be used to buy another common share at a price of 10 cents for a period of five years.
In addition to exploration and development purposes, the company will also use the funds as working capital.
In January, shares of Marifil Mines rose after the company revealed preliminary metallurgical results from the Zone 34 oxide gold target at its San Roque project in Argentina, saying it found high gold recoveries.
The bottle roll cyanide recovery tests were meant to determine the amenability of the oxide mineralization to heap leach gold extraction, the company said, calling them "highly successful".
It added that it plans to move forward with further testing and drilling of this gold deposit.
Marifil is a Canadian exploration company that focuses on Argentina. Through its joint venture opportunities, it has been able to develop a diverse portfolio of properties, including several with bonanza grade gold, silver, copper and indium values.
The company has a land position of 20 properties, totalling more than 400,000 hectares within nine provinces of Argentina. It recently resumed the operator role at its Las Aguilas property after miner Prophecy Platinum (CVE:NKL) decided not to move forward with their joint venture agreement.
In December, it also regained ownership of the Mina El Carmen oil and gas property in Chubut Province, Argentina.
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