FireFly Metals (ASX:FFM) has completed a $65 million institutional placement to accelerate the growth and development of its Green Bay Copper-Gold Project in Canada.
With the funds raised from the single-tranche share placement, the company aims to drive resource growth through extensive drilling campaigns and pre-development works.
The placement saw strong demand from both existing and new Australian and international institutions, with shares priced at 95 cents each.
The proceeds will be used for 100,000m of resource extension, in-fill, DHEM discovery, and regional drilling, building upon the 30,000m already completed.
"This landmark capital raising puts FireFly in an exceptional position to unlock the full potential of the Green Bay Project, with 100,000m of growth drilling planned through 2024/25," stated Steve Parsons, Managing Director of FireFly Metals.
Additionally, the funds will support Phase 2 of the underground exploration drill drive development, pre-construction study works, and the final payment for the acquisition of the Rambler Mine.
A non-underwritten share purchase plan to raise an additional $5 million at the same offer price will also be undertaken.
FireFly Metals' multi-pronged drilling campaign is expected to provide strong news flow throughout 2024-2025, with the next resource update scheduled for October.