Marimaca Copper (ASX:MC2) has secured binding commitments for a brokered placement of 8.2 million chess depositary interests at AU$9.70 each, raising around AU$80 million, with strong investor support exceeding initial demand, according to a Monday filing with the Australian bourse.

Proceeds will support exploration at the Pampa Medina project and the Marimaca sulfide target, detailed engineering at the Marimaca oxide deposit, and general corporate purposes, the filing said.

The placement is expected to close around Sept. 11, pending regulatory approval, the filing added.