By Robb M. Stewart
Arizona Sonoran Copper's shares rallied after the copper explorer agreed to a 19.9 million Canadian dollars (US$13.9 million) investment from Hudbay Minerals that will help advance a copper project in Arizona.
In morning trading Thursday, the shares were 12% higher at C$1.60, widening the advance over the last 12 months to 84%.
Arizona Sonoran said Hudbay will subscribe for roughly 11.9 million shares in a private placement at C$1.68 apiece. The investment will see Hudbay's stake rise from 2.1% currently to just shy of 10%.
Hudbay's shares were up 2.4% at C$12.98, and have now climbed 27% in the past year.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
January 09, 2025 10:05 ET (15:05 GMT)
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