21st May 2015 14:48
LONDON (Alliance News) - First Quantum Minerals Ltd Thursday said it is planning to raise CAD1.25 million via a share offering in Canada.
The group later said the offering has been priced at CAD16.25 per share, with 76.9 million shares to be sold.
The underwriting syndicate, led by RBC Capital Markets and Goldman Sachs Canada Inc, is also comprised of Barclays, BNP PARIBAS, Deutsche Bank Securities, Jefferies International Limited and Nomura. The underwriters have the right but not the obligation to sell a further 11.5 million shares, which would raise the proceeds from the offer to CAD1.44 billion.
The proceeds are to be used to finance development of its current production facitilies and to provide the company with further financial flexibility. First Quantum produces copper, nickel, gold, zinc and platinum group elements.
Shares in First Quantum were down 6.9% at 855.58 pence on Thursday afternoon in London.
By Sam Unsted; [email protected]; @SamUAtAlliance
By Samuel Agini; [email protected]; @samuelagini
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