Copper-gold company Firefly Metals has secured firm commitments to raise A$65m ($44.7m) through a single tranche institutional share placement to advance the Green Bay copper-gold project in Canada.
Priced at A$0.95 ($0.65) per fully paid ordinary share, the funding is expected to support the next phase of resource expansion, discovery, and development at the Canadian copper-gold project.
In addition, the placement, which was backed by both existing and new Australian and international institutions, will help FireFly Metals move forward with its operations at the Green Bay site. Four drill rigs are already in operation at the location.
The capital raised will also enable FireFly Metals to complete an additional 100,000m of drilling, building on the 30,000m already completed.
Furthermore, Firefly Metals plans to use the funds for underground development and site costs, including phase II of the underground exploration drill drive to 1,500m. The company will also make the final payment for the acquisition of the Rambler copper-gold mine.
FireFly Metals managing director Steve Parsons said: “With four rigs operating, this multi-pronged campaign is aimed at delivering rapid growth in our resource while also testing exciting new targets delineated close to the known mineralisation using down-hole geophysics.
“The completion of the second phase of the 1,500m exploration drill drive will facilitate expanded underground drilling access, while our strengthened balance sheet will also allow us to ramp-up regional exploration targeting new discoveries along the broader mine corridor.”
Located in the Baie Verte district of north-east Newfoundland, the Green Bay project includes multiple assets, including Ming underground mine, Little Deer exploration project, and the Nugget Pond processing plant along with Goodyear’s Cove port.
