TORONTO (miningweekly.com) – TSX-listed copper-miner Quadra Mining has closed an offering of 18,63-million shares, in which it raised gross proceeds of about C$86,63-million, the firm said on Thursday.

The company had initially planned to raise C$75-million by selling 14-million shares, but the underwriters exercised an overallotment option on the offering.

The shares were sold at C$4,65 apiece on a bought-deal basis with a syndicate of underwriters led by Macquarie Capital Markets Canada, and including Raymond James, BMO Capital Markets, GMP Securities and Paradigm Capital.

Quadra raised the money to refinance the existing project debt, pay obligations to project contractors and complete development of the company's Franke project, which it acquired earlier this month by buying Centenario Copper.

Shares in Quadra slid 5% on Thursday, to C$5,92 apiece by 10:57 in Toronto.

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