Three Orion funds are set to divest an 8.3% stake in Capstone Copper through a secondary offering, with an anticipated value of A$592.8-million.
The deal involves a strategic block trade agreement with Macquarie Capital, Canaccord Genuity, and RBC Capital Markets. The agreement will see the sale of 62.4-million CHESS depositary interests (CDIs) over common shares of Capstone at a price of A$9.50 per CDI.
The secondary offering is scheduled to conclude on April 9.
Capstone Copper is an Americas-focused copper mining company headquartered in Vancouver. It owns and operates the Pinto Valley copper mine in Arizona, the Cozamin copper/silver mine located in Mexico, the Mantos Blancos copper/silver mine located in Chile, and 70% of the Mantoverde copper/gold mine, located in the Atacama region, Chile.