Business
Arizona Sonoran Copper Announces Pricing of Initial Public Offering and Filing of Final Prospectus
CASA GRANDE, Ariz. & TORONTO - Arizona Sonoran Copper Company Inc. (“ASCU” or the “Company”), an emerging private US-based copper developer, announced today it
About this update from Arizona Sonoran Copper Co., Inc.
[{"type":"text","content":"CASA GRANDE, Ariz. & TORONTO - Arizona Sonoran Copper Company Inc. (“ASCU” or the “Company”), an emerging private US-based copper developer, announced today it has obtained a receipt for its final prospectus filed with the securities regulatory authorities in each of the provinces and territories of Canada, expect Quebec. The pricing of its initial public offering of 19,066,518 common shares of the Company (\"Common Shares\") is at a price of C$2.45 per share (the “Offering”). The initial public offering includes a treasury offering of 18,367,347 Common Shares and a secondary offering of 699,171 Common Shares by a selling securityholder. The gross proceeds of the Offering are expected to be C$46,712,969.10. The Company will not receive any proceeds from the C$1,712,968.95 secondary offering, resulting in gross proceeds from the treasury offering of C$45,000,000.15 being available to the Company (prior to exercise of the over-allotment option, as further described below). 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 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. The Offering is expected to close, and the Common Shares are expected to begin trading, on the Toronto Stock Exchange on or about November 16, 2021, under the ticker symbol “ASCU”. Closing of the Offering is subject to customary closing conditions, including the receipt of all necessary regulatory approvals. ASCU has received conditional listing approval from the TSX, and listing remains subject to ASCU fulfilling customary TSX listing requirements. Net proceeds from the treasury offering are expected to be approximately C$40,829,832.21 (prior to the exercise of the over-allotment option) and will be used to: Complete technical work in relation to the Cactus Project (including drilling, metallurgy, engineering, project support and permitting) with the obje...