Faraday closes $100-million private placement

Executive Summary

• Faraday Copper Corp. has closed a non-brokered private placement raising aggregate gross proceeds of $100,002,000.
• The offering includes participation from strategic investors, specifically a Lundin family trust and BHP Group Ltd. (via a wholly owned subsidiary).
• Proceeds are designated for advancing copper projects in Pinal County, Arizona, including transaction expenses for the proposed acquisition and integration of the San Manuel property from BHP.

Key Details

• Gross Proceeds: $100,002,000.
• Shares Issued: 23.81 million common shares.
• Price Per Share: $4.20.
• Investors: Strategic and other investors, including a Lundin family trust and a wholly owned subsidiary of BHP Group Ltd.
• Use of Proceeds: Advancement of copper projects in Pinal County, Arizona, specifically covering transaction expenses related to the proposed acquisition and integration of the San Manuel property from BHP.
• Hold Period: Common shares are subject to a hold period of four months and one day from the date of the release under Canadian securities laws.
• Regulatory Status: The offering remains subject to final approval by the Toronto Stock Exchange.
• Related-Party Transactions: Certain insiders participated in the offering, constituting related-party transactions under Multilateral Instrument 61-101. A material change report will be filed on SEDAR+ to provide further details.
• Fees: No finders' fees or commissions are payable by Faraday in connection with the offering.

Notable Quotes

• "I would like to thank all our shareholders for their continued support, particularly the Lundin family. Additionally, I am delighted to welcome BHP as a strategic shareholder to Faraday. The funds from this private placement will enable us to rapidly advance our study of the potential for development of the combined Copper Creek and San Manuel projects as we seek to bring additional U.S. copper supply on-line and provide responsible economic development to Pinal county." — Graham Richardson, Chief Financial Officer