Sandfire completes bookbuild
PERTH (miningweekly.com) – Copper miner Sandfire Resources has completed the bookbuild for the institutional component of its 1-for-8.8 entitlement offer, as part of its A$200-million capital raise.
The company on Monday said that the institutional entitlement offer would raise A$147-million, at an offer price of A$4.30 a share, representing a 10.2% discount to Sandfire’s last closing price and a 9.3% discount to the company’s theoretical ex-rights price.
The company had initially hoped to raise A$150-million in the institutional entitlement offer.
“We are very pleased with the level of support shown by our shareholders for the institutional entitlement offer. This raising increases our financial flexibility, putting the company in a strong financial position to continue to execute our strategy to deliver growing and sustainable copper production from our portfolio of leading international projects,” said chairperson John Richards.
“I encourage our eligible retail shareholders in Australia and New Zealand to consider the terms of the retail entitlement offer with their professional advisers when the retail entitlement offer opens on November 25.”
The retail entitlement offer is expected to raise a further A$50-million.
Sandfire previously said that A$50-million of the capital raised would be used to repay an outstanding corporate debt facility, with A$60-million used to strengthen balance sheet and provide working capital, while a further A$60-million would go towards growth and exploration projects, including MATSA mine extension drilling and ore reserve growth, Motheo A4 progress and Kalahari copper belt near-mine exploration.
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