After receiving applications well above its targeted A$5 million Share Purchase Plan (SPP), FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) will close the SPP early.
The SPP opened on December 10, 2025, and will now close at 5.00pm (AWST) on Friday, December 19, 2025, in line with the SPP terms. The company said the earlier close is intended to help minimise the scale-back of applications.
Any applications received after the Revised Closing Date will not be accepted and the application monies will be refunded in full (without interest).
As outlined in the prospectus dated December 9, 2025, FireFly retains the right to accept oversubscriptions, subject to compliance with the ASX Listing Rules and the Corporations Act 2001 (Cth).
The company expects to issue new fully paid ordinary shares under the SPP on Tuesday, December 30, 2025.
FireFly secures A$134.1 million to fast-track Green Bay Copper-Gold Project
The $5 million SPP was an adjunct to the company’s A$134.1 million placement to advance the Green Bay Copper-Gold Project in Canada.
Following completion of the raisings, FireFly expects pro-forma cash of about A$244.1 million (before transaction costs), bolstering the balance sheet ahead of a final investment decision on Green Bay.
“This highly successful raising means we can embark on a no-holds-barred drilling campaign aimed at creating further shareholder value in a very timely manner,” managing director Steve Parsons said. “We will increase the drilling fleet to nine rigs as part of an aggressive onslaught targeting extensions to known mineralisation and new regional prospects.”
Use of funds
Net proceeds from the equity raising and SPP will be directed primarily to Green Bay, including:
- Development and early works, covering underground development, drill platforms, surface works and permitting
- Technical studies, including upscaled mine options, a preliminary economic assessment/scoping study and a definitive feasibility study
- Underground drilling, focused on resource growth, infill drilling and new discoveries
- Regional exploration drilling targeting new discoveries across the broader district
- General administration and working capital, including transaction costs associated with the funding package
The increased funding is intended to support an intensive multi-rig drilling and study program to grow and upgrade the Green Bay Mineral Resource and de-risk the project ahead of development.