Arizona Sonoran Copper Company (ASCU.TO) on Friday said it has closed its private placement with Hudbay Minerals (HBM.TO), raising near $20 million. Nuton, a Rio Tinto venture, also exercised its pre-emptive rights to maintain its 7.2% equity interest in Arizona Copper for $1.56 million.
Arizona Sonoran issued a total of about 12.9 million shares at $1.68 each, for total proceeds of near $21.65 million.
"With the completion of this financing, our company is fully funded with additional runway to complete our 2025 work programs. Our main deliverable in 2025 is the preparation of updated technical data on the entire Parks/Salyer deposit and producing a Pre-Feasibility Study in the second half of the year," said ASCU President and CEO, George Ogilvie. "Hudbay has significant experience in mine development and construction, and we look forward to tapping into that wealth of knowledge as we continue to de-risk the Cactus Project through the remaining study phases to an eventual final investment decision, followed by construction and development. We also value the ongoing support of and partnership with Nuton."
Arizona Sonoran was last seen up $0.06, to $1.68, on the Toronto Stock Exchange.
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