Metminco has signed an option agreement with an investment company to purchase a controlling stake in junior investment company Hampton Mining, which has interests in the Peruvian drilling programme at Los Calatos.

Under the agreement, Metminco will purchase the investment company’s 31.9% controlling stake in Hampton for $1m.

The company garnered A$2.5m by issuing 16.7 million shares at a 15 cents issue price to professional investors.

The funds will be used to meet JIC option fees working capital and cash reserves.