Axo Copper (TSX-V:AXO) has closed an upsized bought deal financing, raising C$40.25 million ($41.66 million) through a unit offering to advance its Mexican copper and gold assets.
The company sold 57.5 million units at C$0.70 each, with units comprising one common share and one-half of one warrant. Each full warrant is exercisable at C$1 per share for 18 months following closing.
The funds will support ongoing work at the company’s La Huerta Copper Project in Jalisco and San Antonio Gold Project in Sonora, Mexico, as well as working capital and general corporate purposes.
A syndicate led by Desjardins Capital Markets and BMO Capital Markets as co-lead underwriters and joint bookrunners, along with Stifel Canada, completed the offering. The underwriters received a 6% cash commission on the gross proceeds.
The company’s flagship La Huerta Project represents a new copper discovery in Jalisco, while the San Antonio Project is a past-producing oxide copper mine in Sonora.
Axo Copper Corp is a Canadian mineral explorer focused primarily on copper discoveries and development projects.
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Images: Axo Copper Corp
