A roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
- Shares of copper producer Ero Copper are trading lower today after the company announced on Monday a US$105 million bought deal financing to advance its growth initiatives .
The company said in a press release that it has entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets, under which the underwriters have agreed to purchase, on a bought deal basis, 8,510,000 common shares, at a price of US$12.35 per common share for gross proceeds of approximately US$105 million.
Ero Copper added it has granted the underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the offering, to purchase up to an additional 15% of the offering to cover over-allotments, if any, and for market stabilization purposes. According to Ero Copper, the net proceeds from the offering will be used to advance growth initiatives at the company’s Tucumã project and Caraíba operations, advance regional exploration programs, as well as for general corporate and working capital purposes.
Ero Copper is a copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba, 100% owner of the company's Caraíba operations and the Tucumã project. The company also owns 97.6% of NX Gold, which owns the Xavantina operations.
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