FireFly Metals (ASX:FFM) has completed a dual-listed equity raising to secure gross proceeds of $180 million before costs.
As previously reported by Mining.com.au, the raising comprises a $150 million institutional placement at $1.78 per share completed on 2 September, alongside a $30 million bought deal offering at C$1.76 ($1.77) per share that closed yesterday, 3 September.
Under the TSX bought deal, FireFly issued 16.82 million shares via lead underwriter BMO Nesbitt Burns, with RBC Dominion Securities, CIBC World Markets, and Canaccord Genuity acting as co-underwriters. The shares were issued under Canada’s listed issuer financing exemption with no statutory hold period.
Canaccord Genuity Australia served as sole lead manager for the ASX placement, supported by co-managers Euroz Hartleys and Argonaut Securities.
The company is also planning to launch a non-underwritten share purchase plan (SPP) targeting up to $10 million. Eligible shareholders in Australia and New Zealand registered as at 24 August can subscribe for up to $30,000 worth of shares at $1.78 each.
The SPP opens today (4 September) and closes on 23 September, with results due 30 September and new shares trading from 1 October.
Net proceeds are earmarked for advancing project implementation at the Green Bay Copper-Gold Project in Newfoundland, Canada. Planned activities include underground development, ventilation and electrical upgrades, surface early works, and underground drilling targeting upper mine extensions and resource growth.
FireFly also intends to conduct regional exploration drilling and complete technical studies, including a Definitive Feasibility Study on the 1.8-million-tonne-per-annum (Mtpa) base case and a Prefeasibility Study on the 4.6 Mtpa alternative case.
The Green Bay Project contains measured and indicated mineral resources of 60.2 million tonnes (Mt) @ 2.43% copper equivalent for 1.46Mt, alongside inferred resources of 23.5Mt @t 2.51% for 592,000 tonnes.
Firefly Metals is a copper-gold company focused on its Green Bay Project in Canada.
Write to Paula Fabe at Mining.com.au
Images: FireFly Metals
