Capstone Copper and Orion Successfully Close C$328 Million Secondary Bought Deal Offering of Common Shares
Capstone Copper and Orion have successfully closed a C$328 million secondary bought deal offering of common shares. The offering was led by BMO Capital Markets, CIBC Capital Markets, and Scotiabank, with a syndicate of underwriters that included RBC Capital Markets, TD Securities, National Bank Financial, Cormark Securities, and Haywood Securities.
The offering consisted of 57.5 million common shares at a price of C$5.70 per share. The shares were sold by Orion, a private equity firm, which had acquired a 19.9% stake in Capstone Copper in 2019. Following the offering, Orion’s stake in Capstone Copper has been reduced to approximately 11%.
Capstone Copper is a Canadian mining company that operates the Cozamin mine in Zacatecas, Mexico. The mine produces copper, zinc, lead, and silver, and has a mine life of over 10 years. Capstone Copper is committed to responsible mining practices and has implemented a number of initiatives to reduce its environmental impact.
Orion is a private equity firm that invests in mining companies around the world. The firm has a strong track record of successful investments in the mining sector and has a deep understanding of the industry.
The proceeds from the offering will be used to fund Capstone Copper’s growth initiatives, including the expansion of the Cozamin mine and the exploration of new mineral deposits. The company has identified several potential exploration targets in the region and plans to invest in exploration activities over the next few years.
The successful closing of the offering is a testament to Capstone Copper’s strong position in the mining industry and its commitment to responsible mining practices. The company’s management team has a wealth of experience in the mining sector and has demonstrated its ability to deliver value to shareholders.
In conclusion, the successful closing of the C$328 million secondary bought deal offering of common shares by Capstone Copper and Orion is a positive development for both companies. The proceeds from the offering will enable Capstone Copper to fund its growth initiatives and explore new mineral deposits, while Orion will benefit from the sale of its shares in Capstone Copper. The mining industry is a key driver of economic growth in many countries, and responsible mining practices are essential to ensure sustainable development. Capstone Copper’s commitment to responsible mining practices is commendable and sets a positive example for other companies in the sector.
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