Arizona Sonoran Secures $25 Million for Growth and Exploration
Arizona Sonoran Copper Company Announces Major Funding
Arizona Sonoran Copper Company Inc. (TSX: ASCU) recently initiated a significant financial move by finalizing a bought deal with Raymond James Ltd. and Paradigm Capital Inc. These companies are co-leading the underwriting process for an impressive 17,241,400 common shares, valued at C$1.45 each, culminating in total gross proceeds of around C$25 million. This initiative not only builds on Arizona Sonoran's commitment to development but also fortifies its financial foundation for future endeavors.
Understanding the Offering Structure
The agreement between Arizona Sonoran and the underwriters grants an additional over-allotment option. This allows the Underwriters to purchase up to 15% more common shares at the same issue price, demonstrating confidence in the Company’s future performance. This structure enhances flexibility and potential additional funding within a set timeframe, increasing excitement around the Offering.
Utilization of Proceeds
Arizona Sonoran has outlined that the net proceeds from this offering will primarily support exploration and development efforts at its Cactus Mine Project. This project is crucial for the Company’s growth strategy, as it aims to bolster its operational capacity and achieve sustainable production levels. In addition to this, the funds will also be allocated towards general working capital and essential corporate activities to maintain momentum in operations.
Timeline and Conditions for Closing
The anticipated closing date for this Offering is around October 9, 2024. However, it hinges on fulfilling specific conditions, including obtaining necessary approvals from regulatory bodies like the Toronto Stock Exchange. This cautious approach underscores the Company's commitment to adhering to legal standards while pursuing its business goals.
Offering Jurisdictions
The common shares are being offered through a short form prospectus across various provinces and territories in Canada, except for Quebec. Additionally, the offering may extend into the United States, albeit under certain private placement limitations. This strategic move opens avenues for a broader investor base while complying with jurisdictional regulations.
About Arizona Sonoran Copper Company
The vision for Arizona Sonoran is clear: to transition into a mid-tier copper producer characterized by low operating costs. The focus on both the Cactus and Parks/Salyer projects aims to yield substantial returns for its investors while fostering a responsible long-term operation that positively impacts the surrounding community and stakeholders. The Company's flagship asset is a 100% interest in the historic Cactus Project, located on private land rich in infrastructure support.
Future Growth Potential
Adjacent to the Cactus Project lies the Parks/Salyer deposit, which holds the promise of phased expansion once the Cactus Mine begins production. This duality in project locations emphasizes Arizona Sonoran’s strategy for maximizing resource potential and scaling operations effectively. The management team, rich in experience, showcases a successful track record of achieving project goals throughout North America, supplemented by strong capital markets understanding.
Contact Information for Investors
The Company encourages interest from potential investors and stakeholders. For inquiries, individuals can contact Alison Dwoskin, Director of Investor Relations, at 647-233-4348 or via email at adwoskin@arizonasonoran.com. Additionally, George Ogilvie, the President and CEO, is available at 416-723-0458 or gogilvie@arizonasonoran.com for further discussions.
Frequently Asked Questions
What is Arizona Sonoran's main objective?
Arizona Sonoran aims to become a mid-tier copper producer with low operating costs and sustainable operations that benefit the community and stakeholders.
How much capital is Arizona Sonoran raising?
The Company is raising C$25 million through a bought deal public offering of common shares.
What will the funds from the Offering be used for?
The proceeds will support exploration and development at the Cactus Mine Project, as well as general working capital.
When is the expected closing date for the Offering?
The Offering is expected to close on or about October 9, 2024, subject to necessary approvals.
Where are the shares being offered?
Shares will be offered across various provinces and territories in Canada, excluding Quebec, and may be placed in the United States under specific exemptions.
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