FNX Mining‘s (FNX-T) war chest has ballooned to $67 million thanks to more than $48 million raised via a bought-deal financing.
A syndicate of underwriters led by BMO Nesbitt Burns and Griffiths McBurney & Partnersacquired 6.2 million shares at $6.45 apiece for proceeds of $40 million. The group forked over another $8.3 million as it exercised an option to buy another 1.29 million like-priced shares.
The Toronto-based explorer plans to use the proceeds to fund exploration and development on the company’s 75%-owned joint-venture properties in the Sudbury Igneous complex of northern Ontario.
Ongoing drilling by FNX and partner Dynatec (DY-T) at the McCreedy West mine continues to return high-grade values of copper, platinum, palladium and gold.
Shares in FNX were 7 higher at $6.22 in early trading on July 11.
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