FNX Mining (FNX-T) says it will raise $40 million via a bought deal involving some 6.21 million shares.
The Toronto-based explorer has inked a deal with a syndicate of underwriters led by BMO Nesbitt Burns and Griffiths McBurney & Partners. The group will buy the shares and re-sell them at $6.45 apiece.
The underwriters also have an option to buy another 1.56 million shares at the same price for up to 2 days after closing, which is expected by about July 11.
FNX plans to use the proceeds to fund exploration and development on the company’s 75%-owned Sudbury joint-venture properties and.
Ongoing drilling by FNX and partner Dynatec (DY-T) at the McCreedy West mine in Sudbury, Ont., continues to return high-grade values of copper, platinum, palladium and gold.
The bought deal is subject to, among others, regulatory approval.
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