First Quantum closes financing

Vancouver-based First Quantum Minerals (FM-T) has done what few seem able to do these days: raise millions of dollars on the market.

The company issued 8.7 million shares at $4.05 apiece, for gross proceeds of $35 million. Just over $4.6 million of that was related to an over-allotment option exercised by Canaccord Capital, the deal’s underwriter.

Net proceeds are earmarked for debt reduction and working capital.

First Quantum operates in Zambia, where it mines, smelts and refines copper and cobalt. It also holds several exploration properties there.

At presstime, First Quantum was trading at $4.08 per share.