FireFly raises A$65m for Canada copper growth
Australia-listed FireFly Metals on Thursday announced a successful A$65-million capital raise to underpin the next phase of growth at its Green Bay copper and gold project, in Canada.
The company currently has four drill rigs operating at Green Bay and, with an updated mineral resource due later this month, is set to undertake a further 100 000 m of drilling to grow and in-fill the resource, building on the 30 000 m already completed.
“This landmark capital raising puts FireFly in an exceptional position to unlock the full potential of the Green Bay project,” said MD Steve Parsons.
“With four rigs operating, this multi-pronged campaign is aimed at delivering rapid growth in our resource while also testing exciting new targets delineated close to the known mineralisation using down-hole geophysics.
“The completion of the second phase of the 1 500 m exploration drill drive will facilitate expanded underground drilling access, while our strengthened balance sheet will also allow us to ramp up regional exploration targeting new discoveries along the broader mine corridor.
“Our aim is to rapidly build the Green Bay asset towards world-class scale, and we are delighted to have several highly credentialled Australian and international institutional investors join our register to support this journey as part of this raising,” said Parson.
FireFly will raise the cash through the issue of 68.42-million shares at A$0.95 a share. The issue price represents a discount of 9.1% to the last closing price of A$1.045 a share on Monday, and a 3.3% discount to the ten-day volume-weighted average price of A$0.982 a share.
The company’s stock closed at A$1.01 a share on Thursday.
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