FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has completed the equity raising it flagged in early December, securing gross proceeds of about A$139 million (about C$127.3 million) before costs.
The fundraising comprised an A$85 million institutional placement priced at A$1.70 a share, a C$34.5 million Canadian bought-deal offering priced at C$1.56 a share, and about A$16.4 million (about C$15.0 million) in a charity flow-through placement to Canadian investors priced at about A$2.09 a share.
The final tranche to close was the Canadian bought deal, underwritten by a syndicate led by BMO Capital Markets, with RBC Capital Markets and Canaccord Genuity Corp also named as underwriters. FireFly said the syndicate took up its maximum entitlement, including exercising the 15% over-allotment option in full, resulting in the issue and sale of 22,115,385 ordinary shares under the Canadian offering.
FireFly said its pro-forma cash balance (before transaction costs) is A$236.9 million, based on the cash balance at November 30, 2025, plus gross proceeds received from the equity raising (excluding any expected proceeds from the share purchase plan).
Share purchase plan oversubscribed; indicative issue date set for December 30
FireFly is also running a share purchase plan (SPP) for eligible shareholders at A$1.70 per share to raise up to A$5 million before costs, with applications capped at A$30,000 per shareholder.
The company said it has received applications “significantly exceeding” the targeted amount and will close the SPP early at 5.00pm (AWST) on Friday, December 19, 2025. Under the indicative timetable, FireFly expects to announce SPP results and issue new shares under the plan on Tuesday, December 30, 2025.
Canaccord Genuity acted as sole lead manager and bookrunner to the institutional placement and the block trade component of the charity flow-through placement, with Euroz Hartleys and Argonaut Securities as co-managers for the placement. Legal advisers included Osler, Hoskin & Harcourt (Canada) and Hamilton Locke (Australia).