TORONTO (miningweekly.com) – Vancouver-based Augusta Resource Corp will raise C$32,5-million in a bought-deal financing to advance development at its Rosemont copper project, in Arizona, the company announced on Tuesday.
Augusta has entered into an agreement with TD Securities Inc and Wellington West Capital Markets as joint lead managers and joint bookrunners and will sell 11,82-million shares at C$2,75 apiece.
The offering is scheduled to close on or about March 12.
According to a January 2009 feasibility study, the Rosemont mine will produce an average of 221-million pounds of copper a year, plus 4,7-million pounds of molybdenum, 2,4-million ounces of silver and up to 15 000 oz/y of gold, for more than 20 years.
Earlier this month, fellow Canadian Silver Wheaton agreed to pay $230-million in cash upfront, and then ongoing payments of $3,90/oz of silver and $450/oz of gold – or the prevailing market prices, whichever is lower – for 100% of the payable silver and gold produced as by-products at Rosemont.
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