Marimaca Copper (ASX:MC2) said it plans to raise around CA$24.4 million via a private placement to existing insider shareholders, through the issue of 5.3 million shares at CA$4.60 apiece, according to a Thursday filing with the Australian bourse.

Proceeds will be used to fund exploration and advance the Marimaca copper project in Chile, as well as for general corporate purposes, the filing said.

Shares issued will be subject to a statutory hold period of four months and one day, with closing expected around June 6, pending regulatory approvals, the filing added.