Arizona Sonoran Deepens Commitment with Enhanced Equity Offering
Arizona Sonoran Expands Offering to $30 Million
Arizona Sonoran Copper Company Inc. is excited to share its latest action to increase the public offering to $30 million. This decision reflects the growing confidence in the company's potential and commitment to enhancing its copper production capabilities.
Details of the Upsized Offering
Under the terms of the new agreement with Raymond James Ltd. and Paradigm Capital Inc., the lead underwriters, the company will offer an impressive 20,700,000 common shares at a price of $1.45 each. This offering is set to generate aggregate gross proceeds of approximately $30.015 million.
Over-Allotment Option
The Underwriters have been granted an over-allotment option allowing them to purchase up to an additional 15% of the common shares at the issue price. If this option is fully exercised, the total number of common shares will rise to 23,805,000, raising gross proceeds to an estimated $34.517 million.
Advantages of the Offering
Arizona Sonoran has stated that the terms of the offering, including the allocation of proceeds, remain consistent with earlier announcements. The funds raised will play a crucial role in advancing the company’s mining projects, including the development of the Cactus and Parks/Salyer Projects.
Company Vision and Mission
Arizona Sonoran’s vision is to become a reputable mid-tier copper producer known for its low operational costs. The company aims to develop sustainable mining practices benefiting not just the shareholders, but the broader community as well.
Strategic Project Highlights
The Cactus Project, situated on prime land rich in infrastructure, is Arizona Sonoran's main asset. In close proximity lies the Parks/Salyer deposit, which is poised to complement the Cactus mine's growth as it transitions into a production asset.
Leadership Team's Expertise
The company is steered by a seasoned team of executives who bring a wealth of experience in project delivery across North America. Their expertise is pivotal in navigating the complexity of capital markets, ensuring that Arizona Sonoran remains on a steady growth trajectory.
Contact Information
For additional insights and inquiries about Arizona Sonoran’s projects or the recent equity offering, interested parties can reach out to:
Alison Dwoskin, Director, Investor Relations
647-233-4348
adwoskin@arizonasonoran.com
George Ogilvie, President, CEO and Director
416-723-0458
gogilvie@arizonasonoran.com
Frequently Asked Questions
What is the purpose of Arizona Sonoran's recent equity offering?
The recent equity offering aims to raise funds to advance the company’s copper production projects, including the Cactus and Parks/Salyer Projects.
How much is Arizona Sonoran aiming to raise through the offering?
Arizona Sonoran is targeting to raise approximately $30 million through its expanded offering.
What is the Over-Allotment Option, and how does it work?
The Over-Allotment Option allows underwriters to purchase up to an additional 15% of the common shares issued in the offering, potentially increasing total proceeds to $34.517 million.
Who are the lead underwriters handling this offering?
Raymond James Ltd. and Paradigm Capital Inc. are the co-lead underwriters for this public offering.
What is Arizona Sonoran's main asset?
The main asset of Arizona Sonoran is the Cactus Project, an area rich in copper deposits situated in a well-infrastructured region.
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