Marimaca Copper Corp. (TSX: MARI) (ASX: MC2) is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement for aggregate gross proceeds of approximately US$17,700,000 or approximately C$24,433,000.

Under the second tranche of the Private Placement, the Company issued an aggregate of 811,416 common shares of the Company at a price of C$4.60 per Share, to funds managed by a new institutional investor.

An aggregate of 5,311,416 Shares were issued under the first and second tranche of the Private Placement.

The net proceeds from the Private Placement will be used for exploration, to advance the Company’s flagship Marimaca Copper Project located in the Antofagasta Region of northern Chile and for general corporate purposes.

The Shares issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws and are being issued pursuant to the ASX Listing Rule 10.11 waiver granted to Marimaca at the time of admission.

The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

Other Information

In connection with the Private Placement, Greenstone Resources L.P. and certain of its affiliates have agreed to waive their respective option to participate pro rata in equity financings by the Company. In addition, in connection with the Private Placement, Mitsubishi Corporation has been offered the option to purchase Shares pro rata on the same terms as the Private Placement within 30 business days of the closing of the Private Placement. Mitsubishi’s current ownership, prior to giving effect to the Private Placement, is approximately 4.6% based on public filings.

About Marimaca

Marimaca is a copper exploration and development company focused on its 100%-owned flagship Marimaca Copper Project and surrounding exploration properties located in Antofagasta Region, Chile.

The Marimaca Copper Project hosts the Marimaca Oxide Deposit, an IOCG-type copper deposit. The Company is currently progressing the Marimaca Copper Project through the Definitive Feasibility Study led by Ausenco Chile Ltda. In parallel, the Company is exploring its extensive land package in the Antofagasta region, including the >15,000ha wholly-owned Sierra de Medina property block, located 25km from the MOD.