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.
The company has closed the SPP early, with results expected and new shares issued on Dec. 30.
BMO Capital Markets acted as lead underwriter and bookrunner for the Canadian offering, with RBC Capital Markets and Canaccord Genuity as underwriters.
Canaccord Genuity also served as sole lead manager and bookrunner for the institutional placement and charity flow-through placement, supported by Euroz Hartleys and Argonaut Securities as co-managers.
At the time of reporting, FireFly Metals' share price was $1.86.