- Faraday Copper ( OTCQX:CPPKF ) is set to increase the size of a deal financing to CAD34.8M from CAD30.0M.
- The bought deal financing was announced on Feb. 2.
- The company has entered into an amending agreement with Canaccord Genuity on behalf of a syndicate of underwriters that includes PI Financial, TD Securities and Stifel GMP to increase the size of the bought deal financing.
- The deal now consists of 43.5M shares priced at CAD0.80 per share.
- Additionally, the company said it will grant the underwriters an option to purchase up to an additional 6.5M shares to cover over-allotments, if any, and for market stabilization purposes.
- The over-allotment option, priced at at $0.80 per share, is expected to fetch additional gross proceeds of up to CAD5.2M.
- In case, the over-allotment option is fully exercised by the underwriters, the gross proceeds would be CAD40M.
- The net proceeds from the upsized offering are intended to be used to fund the purchase of a 32,000 acre ranch land package, for exploration and development of its Copper Creek project, as well as for working capital and general corporate purposes.
- The upsized offering is expected to close on or about Feb. 14.
For further details see:
Faraday Copper to increase offering size