Sumitomo Corp., one of Japan's largest conglomerates, has acquired an 8.7% stake in Augusta Resource Corp. (TSX, AMEX:AZC) for $26.6 million.
The financing was part of a $37.5 million private placement that will fund continued development of Augusta's Rosemont copper project 50 kilometres southeast of Tucson, Arizona.
Harbinger Capital Partners also participated in the private placement, buying $10.9 million worth of Augusta shares and increasing its stake in the exploration company to 19.9% from 18.6%.
Augusta's share price range during the past week: between $2.53 and $2.68; 52-week high: $2.84; 52-week low: $1.60.