Regulators OK equity financing

Having received regulatory approval, First Quantum Minerals (FM-T) is proceeding with an equity financing of 4.6-7.6 million treasury shares.

The shares, priced at $4.05 apiece, are being offered in Ontario, British Columbia and Europe. Canaccord Capital will receive 15% of the total number of shares sold in return for underwriting the deal. The deal is expected to close shortly.

Proceeds are earmarked for debt reduction and for the Nkana, Mufulira and Bwana Mkubwa copper mines in Zambia. First Quantum holds a 39.6% interest in the first two operations and a 100% interest in Bwana Mkubwa.