FireFly Metals Ltd has successfully raised approximately A$134.1 million for its Green Bay Copper-Gold Project in Canada. The equity raising will fund an extensive drilling campaign and mining studies. The company intends to raise an additional A$5.0 million through a Share Purchase Plan. The Equity Raising includes a Charity Flow-Through Placement, Institutional Placement, and Canadian bought deal financing. The funds will be used for development, technical studies, drilling, exploration, and general administrative costs at the project.

The Equity Raising includes a Charity Flow-Through Placement of approximately A$16.4 million, an Institutional Placement of A$85.0 million, and a Canadian bought deal financing of approximately A$32.8 million. The Company also plans to offer Eligible Shareholders the opportunity to participate in a Share Purchase Plan to raise up to A$5.0 million. The funds raised will primarily be used for development, technical studies, drilling, exploration, and general administrative costs at the Green Bay Copper-Gold Project. The Equity Raising represents a discount of just 2.3% to the 10-day VWAP.

Read more at GlobeNewswire: FireFly set for nine-rig exploration and growth campaign