Firefly Metals Ltd has opted to expand a share purchase plan (SPP), originally seeking $5 million, to $8 million after receiving overwhelming demand for share subscriptions totalling $27.7 million.
Of the 4,767 shareholders eligible, a stunning 31.89% or 1,520 opted to subscribe for shares under the SPP, for an average of $16,912 each.
The enthusiasm comes ahead of a mineral resource update for the Green Bay Copper-Gold Project, set to be released this month with another planned for the first half of 2025 – four drilling rigs are currently at work onsite.
“We are delighted to have had such a strong response to the SPP from our shareholders,” Firefly Metals managing director Steve Parsons said.
“We have an exceptional copper asset at Green Bay and we firmly believe that there is further substantial value to be created for shareholders by growing the resource.
“The outstanding exploration results we are generating support our view that there is immense upside.
“The proceeds of the placement and SPP will help ensure we unlock the full value of the asset in a timely manner.”
Read: FireFly Metals extends high-grade copper mineralisation at Green Bay ahead of resource update
Total of $73 million raised
Between this SPP and an earlier share placement, FMM is cashed-up with a total of $74 million raised, having had to turn down about $19 million in additional subscriptions.
The new funding will go to the continued exploration and development of the Green Bay Copper-Gold Project in Canada, host to a Canadian NI 43-101(JORC equivalent) resource of 39.2 million tonnes at 2.1% copper for 811,000 tonnes of contained metal.
The company also holds a 70% interest in the Pickle Crow Gold Project, also in Canada, that holds an inferred resource of 11.9 million tonnes at 7/2 g/t gold for 2.8 million ounces of gold.
Funding will also go to working expenses, and to cover the cost of the capital raise.