West Perth-based Equinox Minerals expects to raise around $181 million through an equity offering to investors with funds to be applied to the Lumwana copper project and to strengthen its capital position.
Final details of the capital raising have yet to be finalised, but Equinox said the offering will be conducted through a syndicate of underwriters led by CIBC World Markets and an affiliate of Goldman Sachs JBWere.
The announcement is below:
Equinox Minerals Limited (TSX and ASX symbol: "EQN") ("Equinox" or the "Company") announced today that it has filed a preliminary short form prospectus in Canada in connection with a public offering (the "Offering") of common shares of the Company (the "Shares").
CIBC World Markets Inc. and Goldman Sachs JBWere Pty Ltd. have been appointed joint book runners for the transaction.
Although the size and pricing of the Offering have not yet been determined, the Company expects to raise gross proceeds of approximately Cdn$160 million.
The Offering will be conducted through a syndicate of underwriters led by CIBC World Markets Inc. and Goldman Sachs Canada Inc., an affiliate of Goldman Sachs JBWere Pty Ltd.
The Shares of Equinox are being offered by way of a short form prospectus in each of the provinces and territories of Canada, other than Québec.
The Offering will be priced in the context of the market with the final terms of the Offering to be determined at the time of pricing.
Equinox intends to use the net proceeds of the Offering to strengthen its capital position, to evaluate and fund expansion opportunities at the Lumwana Project, to purchase and extinguish an existing net smelter return royalty in connection with the Lumwana Project, and for general corporate purposes.
The Offering is scheduled to close on or about April 22, 2009 and is subject to certain customary conditions and regulatory approvals, including the approval of the Toronto Stock Exchange.
