17/04/2009 - 09:13

Anvil slips on $34m raising details

17/04/2009 - 09:13

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Shares in Anvil Mining have slipped in morning trade as the copper miner enters an underwriting deal for its $C30 million ($A34 million) capital raising.

Anvil slips on $34m raising details

Shares in Anvil Mining have slipped in morning trade as the copper miner enters an underwriting deal for its $C30 million ($A34 million) capital raising.

Osborne Park-based Anvil, which is listed on both the ASX and the Toronto Stock Exchange, also released details of the raising which will see 26.1 million shares issued at $C1.15 ($A1.32) each.

Anvil has entered into an underwriting deal with a syndicate of underwriters led by Paradigm Capital Inc, BMO Capital Markets and Raymond James.

The underwriters have also been given the option to buy up to an additional 3.9 million shares.

Anvil said if the over allotment option is exercised in full, total gross proceeds will be $C34.5 million ($A39.5 million).

"Anvil intends to use the net proceeds of the Offering to make pas de porte or entry premium payments aggregating US$15 million due to La Générale des Carrières et des Mines (Gécamines) in respect of Anvil's Kinsevere property and for general corporate purposes," the company said.

The offer is scheduled to close on May 4.

Shares in Anvil, which were previously in a trading halt, dropped nine cents to $1.41 at 11:19AET.

 

 

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