FireFly Metals Ltd has locked in firm commitments for a dual-market equity raise totalling approximately A$75 million, supporting its development strategy for the Green Bay Copper-Gold Project in Newfoundland, Canada.
The raise includes a C$25.8 million (~A$28.8 million) Canadian “bought deal” offering led by BMO Capital Markets and a A$46 million Australian equity placement managed by Canaccord Genuity.
The money will fund underground development, drilling and exploration activities at Green Bay, with additional allocations for transaction costs and working capital.
Canadian bought deal led by BMO Capital Markets
FireFly has executed a bought deal agreement with BMO Capital Markets for the issue of 30 million ordinary shares at C$0.86 (A$0.96) per share, raising gross proceeds of C$25.8 million (~A$28.8 million). An over-allotment option of up to 10% is exercisable within 30 days post-closing.
The shares will be offered through a short-form prospectus across Canada (excluding Quebec) and via private placement in select overseas jurisdictions. The Canadian Offering is expected to close around June 20, 2025, pending regulatory approvals.
Australian placement and share purchase plan
Concurrently, Canaccord Genuity will facilitate a separate A$46 million raise in Australia comprising:
- A$11.2 million via a charity flow-through placement
- A$29.9 million via an institutional placement
- A$5 million through a forthcoming retail Share Purchase Plan (SPP), with capacity to accept oversubscriptions
The flow-through and institutional components are anticipated to close by June 13 2025, while the SPP will follow shortly thereafter.
Use of proceeds
The combined net proceeds will be directed towards the Green Bay Copper-Gold Project, specifically:
- Underground development
- Resource extension and infill drilling
- Regional and near-mine exploration and testing
- Pre-construction works and technical studies
The high-grade Green Bay Copper-Gold Project hosts a combined 59 million tonnes in Measured, Indicated and Inferred Resources, grading up to 2.0% copper equivalent. The company is undertaking a 130,000-metre diamond drilling program to expand its resource base.
A couple of weeks ago, FireFly struck high-grade polymetallic mineralisation during first pass drilling at the historical Rambler Main Mine.
This early success at Green Bay has given the company confidence that the underexplored area, just 2 kilometres from the company’s flagship Ming Mine, is shaping up to deliver surface riches.
