Vancouver's Nevada Copper Corp. (TSX: NCU) announced Friday it raised $20.6 million, with a $3 million option, from a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd.
Excluding the option, the syndicate is buying 6.7 million common shares of Nevada at a price of $3.05 on a bought-deal private placement basis.
Nevada' share price was down $0.05 to $3.20 in mid-morning trading.
The net proceeds from the offering, which is expected to close April 27, will be used to fund development of the company's Pumpkin Hollow property, which is a copper-gold-silver-iron property in Nevada, and for general working capital purposes.
Vancouver's Capstone Mining Corp. (TSX:CS) has a pre-emptive right to subscribe under the offering to maintain the proportion of its equity interest in Nevada.
Nevada share price range in the last week: $3.35 and $3.33; 52-week high: $3.57; 52-week low: $0.32.