Mineral exploration company Highlander Silver has secured C$9.2m ($6.6m) in financing from members of the Lundin family, as well as Canadian billionaires Richard Warke and Eric Sprott.

The funds raised represent around 20.5 million common shares, priced at C$0.45 each.

Net proceeds will be instrumental in finalising Highlander Silver’s purchase of the San Luis gold-silver project in Peru.

The investment will also support essential surface geological work and the definition of drill targets at the site.

Additionally, the capital will help the company meet its general corporate needs.

The transaction is pending approval from the Canadian Securities Exchange (CSE) and the newly issued securities will be subject to a statutory hold period of four months from the issuance date.

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Highlander Silver president and CEO David Fincham said: “We very much appreciate the continued support from Richard Warke and the Lundin family, and we are delighted to welcome Eric Sprott as a new strategic investor in Highlander.

“The funds from this private placement will go towards advancing technical and community work focused on unlocking value at the bonanza grade gold silver San Luis project in Peru to the benefit of all our stakeholders.”

Highlander Silver signed an agreement to acquire the project from SSR Mining late last year. This deal includes an upfront cash payment, along with deferred consideration that is contingent on the fulfilment of certain milestones.

The agreement allows SSR to retain a 4% net smelter return royalty on the project.