Marimaca Copper Announces Closing of Canadian Offering for C$257 Million (~A$266 Million) of C$409 Million (~A$423 Million) Global Offering
Executive Summary
- Marimaca Copper Corp. closed its Canadian treasury offering of C$136.5 million (13,650,000 shares at C$10.00) and announced the imminent closing of its Australian secondary offering.
- The net proceeds from the Canadian treasury will fund pre‑construction engineering, early site work, a drilling campaign at Pampa Medina, and general corporate purposes.
- Secondary offerings raised approximately C$272.5 million for selling shareholders; Marimaca receives no cash from these secondary portions.
Key Details
- Canadian Treasury Offering:
- Size: C$136.5 million
- Shares issued: 13,650,000 common shares
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Price per share: C$10.00
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Canadian Secondary Offering:
- Size: C$120.5 million
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Shares sold: 12,049,087 existing common shares (owned by Greenstone Resources II L.P. and Greenstone Co‑Investment No. 1 (Coro) L.P.)
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Australian Secondary Offering:
- Expected size: A$157 million
- CDIs sold: 15,200,913 CHESS Depositary Interests at A$10.35 each
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Proceeds payable to selling shareholders; Marimaca receives no cash.
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Total Gross Proceeds (Company): Approximately C$136.5 million (≈ A$141 million) from the treasury portion.
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Use of Funds (Treasury Proceeds):
- Advance Marimaca Project – fund pre‑construction decision engineering workstreams and early site works.
- Conduct drilling campaign at Pampa Medina.
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Working capital and general corporate purposes.
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Agents / Lead Managers:
- Canadian Co‑Lead Agents: Beacon Securities Ltd., BMO Capital Markets (syndicate includes National Bank Financial, ATB Capital Markets, Paradigm Capital, Raymond James).
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Australian Co‑Lead Agents: Euroz Hartleys Ltd., Canaccord Genuity (Australia) Ltd.
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Related Party Transactions:
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Insiders of Assore International Holdings Ltd. and Ithaki Ltd. participated in the treasury offering (4,170,000 and 3,412,500 shares respectively). Exempt from formal valuation/minority approval under MI 61‑101.
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Mitsubishi Participation Right:
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Mitsubishi holds ~3.86% pre‑offering; ~3.47% post‑offering. Has a 30‑business‑day right to purchase additional shares to maintain pro‑rata ownership, exercisable via private placement subject to TSX approval.
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Regulatory Notes:
- Treasury offering pending final TSX approval.
- Australian secondary offering to be allotted in the coming days.
- Securities not registered under U.S. securities laws; offered only pursuant to exemptions.
Notable Quotes
(No direct quotes were provided in the release.)