- Arizona Sonoran Copper Company Inc. (ASCU) has closed a non-brokered private placement for gross proceeds of $35 million
- The company issued 17.5 million common shares for $2.00 per share
- Proceeds will go towards the Cactus Mine Project and the Parks Salyer Property and for general corporate purposes
- Arizona Sonoran also announced a collaboration with Rio Tinto for the Nuton™ venture
- Nuton™ has copper leaching technologies that deliver an increased copper recovery
- Arizona Sonoran Copper Company Inc. (ASCU) is down 5.21 per cent trading at $1.82 per share as of 3 pm ET
Arizona Sonoran Copper Company (ASCU) has closed a non-brokered private placement for gross proceeds of $35 million.
The company issued 17.5 million common shares at a price of $2.00 per share.
As a part of the offering, Rio Tinto Technology Holdings Corporation subscribed for 6.4 million common shares of Arizona Sonoran and Tembo Capital Elim Co-Investment LP for 3.91 million common shares.
Outside investors subscribed for 7.18 million common shares.
Rio Tinto now holds 7.2 per cent of the outstanding share capital of Arizona Sonoran, but Tembo’s holdings have been reduced from 37.6 per cent to 34.6 per cent.
Net proceeds will finance additional drilling, exploration, project and study work for the Cactus Mine Project and Parks Salyer Property, and for general corporate purposes.
“We are thrilled to be starting our strategic collaboration with one of the largest global diversified metals miners, which speaks volumes about the merits of the Cactus Mine and our management team… With a robust treasury, ASCU is well-financed and debt-free to build on the underlying fundamentals of the company,” said George Ogilvie, President and CEO of Arizona Sonoran.
The company’s short-term goals are to deliver technical studies ahead of a construction decision at Cactus, and a maiden mineral resource for the Parks Salyer Property.
As a result of this private placement, Arizona Sonoran has announced its collaboration with Rio Tinto focused on the Nuton™ venture.
Nuton™ has copper leaching technologies that deliver an increased copper recovery. Additionally, Arizona Sonoran has proposed to work with Rio Tinto on aspects of the Cactus Mine Project.
Arizona Sonoran Copper Company Inc. (ASCU) is down 5.21 per cent trading at $1.82 per share as of 3 pm ET.