Hudbay launches C$150m financing
TORONTO (miningweekly.com) – Canadian precious metals and base metals miner Hudbay Minerals on Thursday said it had entered into an agreement with a syndicate of underwriters, co-led by GMP Securities and BMO Capital Markets, which had agreed to buy, on a bought deal basis, 18.2-million common shares at a price of C$8.25 apiece, for total gross proceeds of C$150.15-million.
The company had also agreed to grant the underwriters an over-allotment option, to buy up to an additional 2.73-million shares to cover over-allotments, if any, and for market stabilisation purposes. In the event that the over-allotment option was exercised in its entirety, the total gross proceeds to the company from the offering would be C$172.67-million.
Hudbay intends to use the net proceeds of the offering for general corporate purposes, including providing it with the flexibility to pursue opportunities to advance its growth strategy.
The financing follows a day after the company announced that it planned to spend about C$1-billion on capital expenditure this year. The bulk, or C$714-million, would be spent on completing the Constancia copper project, in Peru, on which it had already spent $932-million to bring it to 56% completion as at the end of December.
The offering was scheduled to close on January 30, and was subject to certain conditions, including, but not limited to, receiving all necessary regulatory approvals, including the approval of the TSX and the applicable securities regulatory authorities.
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