The shares will be bought by Catala Global, a company owned by a trust for the benefit of Israeli diamond trader Dan Gertler's family.
Following the completion of the private placement, which is subject to Anvil shareholder and regulatory approval, Catala will own about 25% of Anvil's outstanding shares on an undiluted basis, and will have the right to nominate at least one person to the company's board of directors.
Anvil, which produces copper from three mines in the Democratic Republic of Congo, plans to use the proceeds of the share sale to complete its Kinsevere stage II and Kulu stage II SX-EX projects, as well as for studies leading up to the development of an expanded SX-EW facility at Kolwezi.
The company has entered into a binding term sheet for the private placement of 23,73-million shares at C$12,50 a share, which represents a premium of about 27% to the 30-day volume weighted average price on the TSX at the close of trading on July 9, Anvil said in a statement.
Anvil shares rose C$1,97 on Thursday, to C$10,90 apiece by 16:10 in Toronto.