FireFly Metals (ASX:FFM) has completed its previously announced equity raising, securing gross proceeds of approximately $139 million before costs.
The raising comprised an $85 million institutional placement at $1.70 per share, a CAD$34.5 million Canadian bought deal at CAD$1.56 per share, and a charity flow-through placement of around $16.4 million at $2.09 per share.
The Canadian offering, underwritten by a syndicate led by BMO Capital Markets alongside RBC Capital Markets and Canaccord Genuity, saw underwriters exercise their full 15% overallotment option, resulting in the issue of 22,115,385 shares.
Following the completion of the equity raising, FireFly's pro-forma cash balance stands at $236.9 million, before transaction costs.
In addition, FireFly launched a share purchase plan allowing eligible shareholders to acquire up to $30,000 in shares at $1.70 each, with the plan raising strong interest.