Faraday Copper’s C$100m private placement backed by Lundin trusts
Base metals developer Faraday Copper on Monday announced a non-brokered private placement to raise up to C$100-million, with participation from trusts associated with the Lundin family and a wholly owned subsidiary of BHP Group.
The Vancouver-headquartered company plans to issue up to 23.81-million common shares at C$4.20 a share.
The proceeds will be used primarily to advance its copper projects in Pinal county, Arizona, including funding transaction expenses related to the planned acquisition and integration of the San Manuel property from BHP, announced last week.
The private placement is expected to close on March 11, subject to regulatory approvals, including approval from the TSX and customary closing conditions.
Source: Mining Weekly