Arizona Sonoran Copper Announces C$45 Million Bought Deal Public Offering of Common Shares

About this update from Arizona Sonoran Copper Co., Inc.

[{"type":"text","content":" TORONTO, June 02, 2025 (GLOBE NEWSWIRE) -- Arizona Sonoran Copper Company Inc. (“Arizona Sonoran” or the “Company”) (TSX:ASCU) is pleased to announce that it has entered into an agreement with Scotiabank, as sole bookrunner, on behalf of a syndicate of underwriters (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” basis, 22,500,000 common shares (the “Common Shares”) of the Company at a price of C$2.00 per Common Share (the “Issue Price”) for aggregate gross proceeds to the Company of C$45 million (the “Offering”). The Company has agreed to grant the Underwriters an over-allotment option to purchase at the Issue Price up to an additional 15% of the Common Shares to be issued in connection with the Offering, exercisable in whole or in part at any time for a period ending 30 days from the closing of the Offering. The net proceeds of the Offering will be used to exercise buyback options in respect of NSR royalties on the Cactus Project, to fund potential land acquisitions in connection with the Cactus Project as described in the current technical report for the Cactus Project with an issued date of August 23, 2024 and filed under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca on August 26, 2024, for the completion of technical and engineering studies, and for working capital and general corporate purposes. It is anticipated that the net proceeds from the Offering will fully fund the Company through to a final investment decision at the Cactus Project. The Offering is expected to close on or about June 20, 2025 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the conditional approval of the Toronto Stock Exchange. The Common Shares will be offered by way of a short form prospectus to be filed in each of the provinces and territories of Canada, except Quebec, and may be offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and in those jurisdictions outside of Canada and the United States which are agreed to by the Company and the Underwriters, in each case in accordance with all applicable laws and provided that no prospectus, registration or ...

More updates from Arizona Sonoran Copper Co., Inc.