Business
Arizona Sonoran Copper Announces Closing of Initial Public Offering
CASA GRANDE, Ariz. & TORONTO / Nov 16, 2021 / Business Wire / Arizona Sonoran Copper Company Inc. (TSX:ASCU) (“ASCU” or the “Company”), an emerging private US-b
About this update from Arizona Sonoran Copper Co., Inc.
[{"type":"text","content":"CASA GRANDE, Ariz. & TORONTO / Nov 16, 2021 / Business Wire / Arizona Sonoran Copper Company Inc. (TSX:ASCU) (“ASCU” or the “Company”), an emerging private US-based copper developer and near-term producer, today announced the successful closing of its initial public offering and secondary offering (together, the “Offering”). An aggregate of 19,066,518 common shares of ASCU (the “Common Shares”) at a price of C$2.45 per common share (the “Offering Price”) were issued for total gross proceeds C$46,712,969.10, with ASCU and RCF Opportunities Fund L.P. (the “Selling Securityholder”) receiving gross proceeds of C$45,000,000.15 and C$1,712,968.95, respectively. ASCU will not receive any proceeds from the secondary offering. The common shares will commence trading today on the Toronto Stock Exchange under the symbol “ASCU”. The Offering was led by RBC Capital Markets and Haywood Securities Inc. on behalf of a syndicate of underwriters including Canaccord Genuity Corp., Cormark Securities Inc., Stifel Nicolaus Canada Inc., Beacon Securities Limited and Paradigm Capital Inc. In addition, the Company and the Selling Securityholder have granted the underwriters an over-allotment option, exercisable for a period of 30 days from the date of the closing of the Offering, to purchase from the Company and the Selling Securityholder, in equal proportion, up to 2,755,102 additional Common Shares, representing 15% of the total number of Common Shares to be sold pursuant to the treasury offering. If the over-allotment option is exercised in full, the Company will receive 50% of the aggregate gross proceeds of the over-allotment option equaling C$3,374,999.95, with the Selling Securityholder receiving the remaining gross proceeds of C$3,374,999.95. A final prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in certain jurisdictions of Canada. A copy of the final prospectus is available from the persons above and is on the SEDAR website at www.sedar.com. The final prospectus notes that an investment in the Common Shares is speculative and involves a high degree of risk. The Company’s business is subject to the risks normally encountered in the mining industry. An investment in the Common Shares is suitable only for those investors who are willing to risk a loss ...