TORONTO (miningweekly.com) – Vancouver-based Silver Wheaton has successfully closed a C$287,5-million bought-deal financing deal, and will use the proceeds to repay a revolving debt facility and for funding further growth opportunities.
While other miners wallow amidst low metals prices and reluctant financial markets, a string of precious-metals firms, including Kinross Gold, Yamana Gold, Hecla Mining and Red Back Mining, have successfully tapped equity markets for cash.
Silver Wheaton said on Thursday that it had sold 4,68-million shares, after its underwriting syndicate fully exercised an over allotment option.
The shares were priced at C$8,00 each.
Silver Wheaton buys silver from producers on a long-term basis, at predetermined prices, and then sells the metal at the current spot price.
Shares in the company slid 2,78% on Thursday morning, to C$8,75 apiece by 9:51 in Toronto.