FireFly raises cash for Canada copper/gold project
ASX- and TSX-listed FireFly Metals has announced a C$25.8-million bought deal equity financing in Canada and a A$46-million equity raise in Australia to fund development and exploration at its Green Bay copper/gold project in Newfoundland.
BMO Capital Markets will lead the Canadian offering, purchasing 30-million ordinary shares at C$0.86 (A$0.96) apiece on a bought deal basis. The firm has also been granted a 30-day over-allotment option of up to 10%.
Separately, FireFly has appointed Canaccord Genuity to manage a A$46-million equity raise in Australia. This comprises an A$11.2-million charity flow-through placement and a A$29.9-million institutional placement, both expected to close on or about June 13. A retail share purchase plan of up to A$5-million will follow.
Proceeds from both offerings will be used to advance the Green Bay project, including underground development, drilling, exploration, and pre-construction work. Funds will also support transaction costs and working capital.
FireFly’s Green Bay project includes the Ming underground mine and Little Deer project, with a current resource of 24.4-million tonnes at 1.9% copper equivalent in the measured and indicated category and 34.5-million tonnes at 2.0% copper equivalent in the inferred category. A 130 000 m drilling campaign is under way to expand the resource base.
The company also holds a 70% interest in the Pickle Crow gold project in Ontario, with an inferred resource of 11.9-million tonnes at 7.2 g/t for 2.8-million ounces.
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