- Arizona Sonoran Copper Company (ASCU) has increased its private placement for aggregate gross proceeds of up to C$35 million
- The company will now issue up to 17,500,000 common shares at a price of C$2.00 per share
- Net proceeds will be used to fund additional drilling, exploration, project and study work related to the Cactus Mine Project and Parks/Salyer
- The offering is scheduled to close on or about May 13, 2022
- Arizona Sonoran Copper is an emerging US-based copper developer
- Arizona Sonoran Copper Company Inc. (ASCU) is unchanged on the day, trading at C$2.16 per share at 1 pm ET
Arizona Sonoran Copper Company (ASCU) has increased its private placement for aggregate gross proceeds of up to C$35 million.
The company will now issue up to 17,500,000 common shares at a price of C$2.00 per share.
Rio Tinto Holdings Corporation, and Tembo Capital Elim Co-Investment LP, will subscribe for 6,400,000 common shares and 3,911,916 common shares, respectively.
The shares issued will be subject to a four-month hold period.
Net proceeds will be used to fund additional drilling, exploration, project and study work related to the Cactus Mine Project and Parks/Salyer, and for general corporate purposes.
George Ogilvie, President and Chief Executive Officer of ASCU commented on the capital raise.
“This upsizing reflects the support of our current shareholders for which we are thankful, especially in these difficult markets. The additional funds will be used for Cactus project development and to strengthen our balance sheet as we move through the Feasibility Studies and ultimately towards the construction decision and Project Financing.”
The offering is scheduled to close on or about May 13, 2022, and is subject to certain conditions including the approval of the TSX and the securities regulatory authorities.
Arizona Sonoran Copper is an emerging US-based copper developer whose principal asset is a 100 per cent interest in the Cactus Project situated on private land in an infrastructure-rich area of Arizona.
Arizona Sonoran Copper Company Inc. (ASCU) is unchanged on the day, trading at C$2.16 per share at 1 pm ET.