Arizona Sonoran Copper: Rio Tinto Included in C$30.5 Million Private Placement
28 April 2022 - 9:42PM
Dow Jones News
By Adriano Marchese
Arizona Sonoran Copper Co. said it will raise 30.5 million
Canadian dollars, the equivalent of US$23.8 million, by way of a
private placement, which includes Anglo-Australian mining giant Rio
Tinto PLC.
The Toronto-listed copper developer said it will issue around
15.2 million common shares at a price of C$2 apiece, representing a
discount of 3.4% to Wednesday's closing price.
Among the investors, Rio Tinto will subscribe for 6.4 million
and will then own around 7.4% of Arizona Sonoran's outstanding
share capital.
Meanwhile, private equity firm Tembo Capital Elim Co-Investment
LP will subscribe for 3.9 million shares, its holding will reduce
to 35.5% from 37.6%, Arizona Sonoran said.
The company said the funds provide it with significantly more
capital to put toward delivering scale to the main project by way
of intensive exploration and metallurgical testing at its Cactus
mine in Arizona.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 28, 2022 07:27 ET (11:27 GMT)
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