Mr. George Ogilvie reports
ARIZONA SONORAN ANNOUNCES CLOSING OF C$34.5 MILLION UPSIZED BOUGHT DEAL OFFERING
Arizona Sonoran Copper Company Inc. has closed its previously announced public offering of common shares of the company. The underwriters exercised the full overallotment option to purchase an additional 15 per cent of the common shares in connection with the offering. The company issued, on a bought deal basis, 23,805,000 common shares, including 3,105,000 common shares pursuant to the exercise of the overallotment option, at a price of $1.45 per common share for aggregate gross proceeds of $34,517,250.
The offering was completed pursuant to an underwriting agreement dated Sept. 27, 2024, entered into between the company and a syndicate of underwriters co-led by Raymond James Ltd. and Paradigm Capital Inc., as joint bookrunners, and Canaccord Genuity Corp., Eight Capital, Haywood Securities Inc., Stifel Nicolaus Canada Inc., Scotia Capital Inc. and TD Securities Inc.
The company intends to use the net proceeds of the offering for exploration and development at the company's Cactus mine project located in Arizona, and for general working capital and corporate purposes, as described in the prospectus (as defined herein).
The common shares were offered by way of a short form prospectus dated Oct. 4, 2024, filed in each of the provinces and territories of Canada, except Quebec, and 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, and in those jurisdictions outside of Canada and the United States as agreed to by the company and the underwriters, in each case in accordance with all applicable laws and provided that no prospectus, registration or other similar document is required to be filed in those jurisdictions. The offering remains subject to the final approval of the Toronto Stock Exchange.
About Arizona Sonoran Copper Company Inc.
Arizona Sonoran's objectives are to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer projects, which could generate robust returns for investors and provide a long-term sustainable and responsible operation for the community and all stakeholders. The company's principal asset is a 100-per-cent interest in the Cactus project, which is situated on private land in an infrastructure-rich area of Arizona. Contiguous to the Cactus project is the company's 100-per-cent-owned Parks/Salyer deposit, which could allow for a phased expansion of the Cactus mine once it becomes a producing asset. The company is led by an executive management team and board which have a long-standing record of successful project delivery in North America complemented by global capital markets expertise.
We seek Safe Harbor.
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