Business
Faraday Copper Announces Closing of Bought Deal Financing
OT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ...
About this update from Faraday Copper Corp
[{"type":"text","content":"Faraday Copper Announces Closing of Bought Deal FinancingOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / February 14, 2023 / Faraday Copper Corp. (\"Faraday\" or the \"Company\") (TSX:FDY) (OTCQX:CPPKF) is pleased to announce that it has completed its previously announced bought deal financing, including the exercise in full of the Underwriters' (as defined below) over-allotment option, for a total of 49,999,700 common shares (the \"Common Shares\") sold at a price of C$0.80 per Common Share for aggregate gross proceeds to the Company of C$39,999,760 (the \"Offering\").The Offering was led by Canaccord Genuity Corp. on its behalf and on behalf of a syndicate of underwriters that includes PI Financial Corp., TD Securities Inc. and Stifel GMP (collectively, the \"Underwriters\"). In consideration for the services provided by the Underwriters in connection with the Offering, on closing the Company paid to the Underwriters a cash commission equal to 5% of the gross proceeds raised under the Offering (other than in respect of certain purchasers on the president's list, for which a commission of 1% was paid). Fort Capital Partners acted as special advisor to the Company in relation to the bought deal financing and other strategic matters.The Offering was completed by way of a prospectus supplement dated February 6, 2023 and filed in all provinces and territories of Canada, other than Quebec, under the Company's base shelf prospectus dated October 21, 2022. The Common Shares were also sold 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 other jurisdictions outside of Canada.The Common Shares have been conditionally approved for listing on the Toronto Stock Exchange (\"TSX\"). The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX.The Company intends to use the net proceeds from the Offering to fund the purchase of a 32,000-acre ranch land package adjacent to the Company's Copper Creek Property, for exploration and development of the Copper Creek project, as well as for working capital and general corporate pur...