.jpg)
1 hour ago
3
Article content
Australian copper miner FireFly Metals Ltd. is seeking to raise A$190 million through a sale of new Australian and Canadian shares to develop its Green Bay project in Canada.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The Perth-based company will raise A$150 million before costs through an Australian institutional placement, with shares offered at A$1.78 a piece, according to a filing Tuesday. FireFly Metals is raising an additional A$30 million through a Canadian private placement at $1.76 per share. A share purchase plan available to Australian and New Zealand shareholders will also seek to raise A$10 million.
Article content
Article content
Article content
The funds will go toward advancing project implementation at the company’s Green Bay Copper–Gold Project, as well as providing balance street strength, the filing said.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Copper prices have surged to record highs in the past year, delivering windfall profits for miners. The rally has been fuelled by tightening supply as mine disruptions curb output, while demand grows across everything from renewable energy and electrification to power-hungry AI data centres.
Article content
Canaccord Genuity is acting as the sole lead manager and book-runner for the Australian placement, while Bank of Montreal is acting as sole book-runner and an underwriter for the Canadian placement. The firm’s Australian shares are expected to recommence trading Wednesday following completion of the placement bookbuild, while the Canadian bought deal will close on Sept. 3.
Article content
Demand for companies exposed to the artificial intelligence trade is expected to drive the next wave of equity capital market deals in Australia. Local copper miners have become one of the market’s strongest AI-related plays, with shares in BHP Group Ltd. hitting a fresh record Tuesday.
Article content
—With assistance from Paul-Alain Hunt.
Article content
Article content
We apologize, but this video has failed to load.
Article content
English (US)