Mentioned:
Two of the most important players in the mining business are joining forces as investors. And they’re coming after the opportunity in copper in America.
What’s happening:
- Faraday Copper (TSX: FDY) is raising $100M CAD in a new strategic equity financing round
By the numbers:
- Faraday Copper will issue roughly 23.8M common shares at $4.20 CAD per share as part of the new financing round
Why it matters:
- The new funding round is being led by legendary Canadian mining entrepreneurs the Lundin family and a wholly owned subsidiary of BHP (NYSE: BHP)
Going deeper:
- Faraday Copper has publicly stated they plan to use the new infusion of capital to advance exploration at the Copper Creek Project located in Pinal County, Arizona
- Faraday Copper is also planning to acquire the historic San Manual property from BHP which is closely located in Pinal County, Arizona to develop a larger scale copper district and restart full scale production
The intrigue:
- The Lundin family was already the single largest shareholder of Faraday Copper prior to this financing round
