FireFly builds A$135m war chest to fast-track Green Bay copper/gold project
Dual-listed FireFly Metals has raised A$135-million to advance its Green Bay copper/gold project in Newfoundland and Labrador, boosting its balance sheet to fund aggressive exploration and development initiatives.
The equity financing included a mix of structures: an A$11.2-million charity flow-through placement priced at A$1.49 a share, a two-tranche institutional placement raising A$54.9-million at A$0.96, and a C$25.8-million (A$28.8-million) bought deal underwritten by BMO Capital Markets.
FireFly will receive an average of A$1 a share, representing a 2.9% discount to its last sale price, once the flow-through premium is considered.
The ASX- and TSX-V-listed company is also launching a non-underwritten share purchase plan to raise up to A$5-million more, offered at the same price as the institutional placement.
“The overwhelming demand for the raising reflects the quality and growth outlook at Green Bay, our commitment to a multi-rig exploration campaign and the demand among global investors for top-shelf copper/gold projects,” said MD Steve Parsons in a statement on Tuesday.
Proceeds will fund a multi-pronged strategy at Green Bay, including underground development, infill and extension drilling, regional exploration, and early-stage construction and study work. A seven-rig drill programme is set to accelerate the company’s resource expansion and upgrade efforts.
“The combination of the exceptional Green Bay asset, our proven exploration team and our A$135-million cash war chest is the ideal recipe for growth,” Parsons said. “This outlook is further enhanced by the shortage of such outstanding projects which can meet investors’ surging appetite for copper/gold exposure.”
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