FireFly doubles SPP to A$10m
Emerging copper and gold company FireFly has doubled the size of its recently announced share purchase plan (SPP) to A$10-million, following “extremely strong demand” for plan.
Applications under the SPP, which closed at 17:00 AWST on July 7, totalled about A$28.2-million, and exceeded the original A$5-million target announced early last month.
The SPP was open to 5 365 eligible shareholders. The company received valid applications from 1 676 eligible shareholders, representing a participation rate of about 31% and an average application amount of about A$16 800.
The SPP was undertaken concurrently with the FireFly’s A$98.1-million equity raising.
The proceeds of the equity raising and SPP will be used primarily to continue growing and upgrading the mineral resource at FireFly’s Green Bay copper/gold project, as well for underground development, preconstruction works, mining studies and working capital.
“We are delighted to have received such strong demand for the SPP, much of which has come from our loyal retail shareholders, and we have taken the opportunity to double the total provision to A$10-million,” said FireFly MD Steve Parsons.
“We are about to add an eighth drill rig to our programme at Green Bay to ensure we can unlock the value of the near-mine opportunities and the regional targets as rapidly as possible.
“With so many rigs turning and mining studies underway, we anticipate continuing to generate strong results and news flow as we push hard to create maximum shareholder value,” stated Parsons.
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