Arizona Sonoran closes $86.25-million bought deal

Executive Summary

• Arizona Sonoran Copper Company Inc. has closed a C$86.3 million "bought deal" private placement of common shares.
• The company issued 25,746,300 common shares at a price of $3.35 per share, including the full exercise of the underwriters' over-allotment option.
• Net proceeds will fund early development activities at the Cactus project, permit amendments, a definitive feasibility study, and general corporate working capital.

Key Details

• Transaction Structure: Bought deal private placement of common shares.
• Gross Proceeds: $86,250,105.
• Share Price: $3.35 per common share.
• Shares Issued: 25,746,300 common shares total.
  • Base issuance: 22,388,100 shares.
  • Over-allotment exercise: 3,358,200 shares (exercised in full).
• Underwriters: Syndicate led by Canaccord Genuity Corp. (lead underwriter and sole bookrunner).
• Other Underwriters: Desjardins Securities Inc., Paradigm Capital Inc., Raymond James Ltd., Scotia Capital Inc., Cormark Securities Inc., Haywood Securities Inc., RBC Dominion Securities Inc., and Stifel Nicolaus Canada Inc.
• Use of Proceeds: Early development activities at the Cactus project, completion of permit amendment processes, definitive feasibility study, advancement of project financing, working capital, and general corporate purposes.
• Hold Period: Statutory hold period under Canadian securities laws expires on April 3, 2026.
• Regulatory Status: Subject to final approval of the Toronto Stock Exchange.

Notable Quotes

• "The company believes that it is now well financed to execute on its key workstreams, including the completion of permit amendment processes and the definitive feasibility study, advancement of project financing and other expenditures related to early stage development activities at the Cactus project."