Canadian explorer Faraday Copper (TSX:FDY) has increased its cash reserves by C$23 million ($25.4 million) with the completion of its underwritten bought-deal financing.
The Lundin Group-backed company issued 28.8 million shares at C$0.80 each to raise the cash.
President and CEO Paul Harbridge says the financing was supported by strong institutional support and key partners, including the Lundin family, Murray Edwards, and Pierre Lassonde.
The financing was underwritten by Ventum Financial Corp, Canaccord Genuity Corp and TD Securities Inc as co-lead underwriters and joint bookrunners.
Faraday plans to use the funds raised to advance its flagship Copper Creek Project, in Arizona, United States and working capital.
Copper Creek spans 65km2 and comprises a 3km-long porphyry copper deposit. It is located in the southwestern North America porphyry copper province, at the intersection of a major northwest-trending belt.
The belt hosts large copper mines in the Miami-Globe and Ray mining districts, with a major east-northeast trending copper belt made evident by the former BHP (ASX:BHP) operated Kalamazoo Mine in San Manuel, Arizona.
Faraday says the Copper Creek project is one of the “largest undeveloped copper projects in North America with significant district scale exploration potential”.
Write to Angela East at Mining.com.au
Images: Faraday Copper
