Faraday Copper (TSX:FDY) has boosted its private placement to raise a total of C$45 million ($50.32 million) following “strong” institutional investor demand, surpassing yesterday’s (15 July) announcement to raise C$30 million.
The company previously announced its intention to issue 22.73 million shares at C$1.10 per share to raise a total of $25 million under a brokered private placement basis.
In addition, Faraday is raising an additional C$20.02 million under a non-brokered basis, issuing another 18.2 million shares at the same offer price.
Ventum Financial Corp is acting as the lead underwriter and bookrunner, agreeing to purchase an aggregate 12.63 million shares at a price of C$1.10 per share, contributing the remaining C$15.04 million to the placement, as reported by Mining.com.au.
Funds will be delegated to further exploration and development of the Copper Creek Project in Arizona, US, which hosts a porphyry copper deposit spanning 3km in length.
Faraday Copper is a US-based explorer focused on the development of its flagship Copper Creek Project.
Write to Maddison Elliott at Mining.com.au
Images: Faraday Copper
