Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) announced a C$30 million bought deal financing aimed at advancing its Gunnison Copper Project in Arizona and supporting general corporate activities.
The company said it has entered into an agreement with Canaccord Genuity acting as sole bookrunner on behalf of a syndicate of underwriters, to issue 71.43 million common shares at C$0.42 per share
Gunnison also granted the underwriters an overallotment option to purchase up to an additional 10.71 million shares at the same price, which could raise up to about C$4.5 million in additional proceeds if exercised in full. The option may be exercised in whole or in part for up to 30 days following the closing date. The net proceeds from the financing, including any proceeds from the overallotment option, will be used primarily to advance development of the Gunnison Copper Project in Arizona, as well as for working capital and general corporate purposes.
The offering is expected to close on or about June 3, subject to customary closing conditions and regulatory approval