TSX- and ASX-listed Anvil Mining now plans to sell about 23,73-million shares at C$10,00 each, down from a previously announced C$12,50 a share, the company said on Monday.
The firm, which mines copper in the Democratic Republic of Congo, has entered into a definitive agreement with Dan Gertler-linked Catala Global for the share sale.
The subscription price a share had been reduced due to “the significant deterioration in market conditions for resource companies”, the firm said in a statement.
The issue price of C$10,00 a share represents a premium of 39% to the closing price of C$7,21 a share for Anvil stock on the TSX on Friday.
The placement will raise gross proceeds of about C$237-million, which it will use to complete its Kinsevere Stage II and Kulu Stage II SX-EW projects, as well as studies leading to the development of an expanded SX-EW facility at Kolwezi.
The firm will also consider corporate activity opportunities, investor relations VP Robert la Vallière said last week.
Anvil shares rose 0,97% on Monday, to C$7,28 a share by 15:55 in Toronto.
A number of small and medium-sized mining companies have reported difficulty raising funds in recent months, and several have postponed fundraisings, and even project construction, until market conditions improve.