Faraday Copper (TSX:FDY) has closed two offerings with C$49 million ($54.6 million) to advance its wholly owned Copper Creek Project in Arizona, US, issuing a total of 44.34 shares to investors.
The company issued a total of 26.14 million shares at C$1.1 per share for the brokered offering to raise C$28.75 million, with the remaining C$20.02 million sourced from a private placement.
A non-brokered offering issued a further 18.2 million shares at the same offer price.
Ventum Financial acted as the lead underwriter and sole bookrunner, with BMO Nesbitt Burns, Canaccord Genuity, Haywood Securities, and TD Securities also acting as underwriters.
Faraday’s largest shareholder, Lundin Family Trusts, bought into this offering by acquiring 9.45 million shares and instigating a related party transaction.
As previously reported by Mining.com.au, the company originally intended to raise C$30 million in the offerings, before boosting it to $45 million to meet the “strong” institutional investor demand.
Copper Creek is Faraday’s flagship project spanning 73km2 with a 3km-long porphyry copper deposit in Pinal County.
Faraday Copper is a Canadian explorer focused on developing this project, which the company believes to have “significant district scale exploration potential”.
Write to Maddison Elliott at Mining.com.au
Images: Faraday Copper
