Faraday Copper (TSX:FDY) has issued 8.61 million shares to private holding company Nemesia in its recently closed private placement, raising a total of C$100 million ($103.62 million).
Shares were issued at C$4.20 each, with Nemisia subscribing a total of C$36.16 under the non-brokered private placement basis.
Prior to the acquisition for a strengthened shareholding in Faraday, Nemisia held 38.07 million shares, representing 15.06% of the company. Nemisia has now increased its holdings to 16.87% of Faraday.
Nemisia has increased its issue capital by more than 2% following this investment and with other shares acquired, since the company’s last early warning report filed.
As reported by Mining.com.au yesterday, Faraday issued an aggregate of 23.81 million shares at the same offer price, retaining support from existing shareholders, including Lundin Family Trust, while also welcoming BHP (ASX:BHP) to the registry.
The placement provided mining giant BHP with 30% interest in the company. BHP has also been granted customary investor rights, so long as the shareholder maintains a minimum shareholding requirement.
Faraday Copper is a mineral explorer focused primarily on its flagship Copper Creek Project in Arizona.
Write to Maddison Elliott at Mining.com.au
Images: Faraday Copper
