Luxembourg-headquartered Nemesia has picked up additional shares in Faraday Copper (TSX:FDY) following a restructuring and private agreement with Zebra Holdings and Investments.
Nemesia has acquired over 11.6 million shares in Faraday for no consideration under an earlier agreement struck with Zebra.
This was part of a previously announced restructuring, under which Nemesia acquired the holdings of Zebra, Lorito Doraline, Lorito Floreal, Lorito Arole and Lorito Orizons.
Both companies are controlled by trusts settled by the late Adolf Henrik Lundin, a Swedish oil and mining entrepreneur who established several natural resource companies, including Lundin Mining, from the 1970s through to the 1990s.
Following completion of the restructuring, Zebra will not hold any common shares of Faraday and Nemesia will hold around 24.1 million common shares, or about 11.75% of Faraday.
Prior to the restructure, Nemesia held a 6.09% stake in Faraday with 12.5 million shares in its portfolio.
Nemesia also holds 1.1 million share purchase warrants, with the investor’s current holdings representing a total of 12.23% on a partially diluted basis.
Besides Faraday, Nemesia also holds investments in NGEx Minerals (TSX-V:NGEX), Bluestone Resources (TSX-V:BSR), Filo Corporation (TSX:FIL), Lundin Gold (TSX:LEN), Lundin Mining (TSX:LUN) and Lucara Diamond (TSX:LUC).
Faraday is working toward an updated resource for its flagship Copper Creek Project in Arizona in the first half of 2025.
The 3km-long Copper Creek Project currently hosts combined open pit and underground measured and indicated resources totalling 421.9 million tonnes @ 0.45% for 4.2 billion pounds of contained copper.
The measured and indicated open pit resource currently sits at around 127.1 million tonnes @ 0.40% copper for 1.1 billion pounds of copper.
Write to Angela East at Mining.com.au
Images: Faraday Copper
