Terrane Raises C$100 Million From Goldcorp, Investors (Update1)

March 25 (Bloomberg) -- Terrane Metals Corp., developing the Mt. Milligan mine in British Columbia, said it's raising C$100 million ($97.6 million) to fund the project by selling shares and warrants to Goldcorp Inc. and a group of underwriters.

Terrane will sell 90.9 million units, each consisting of one common share and a half common share purchase warrant, for C$1.10 each, the Vancouver-based company said in a statement. Each whole warrant can be converted into a common share for C$1.50 one year from the transaction's completion, Terrane said.

Underwriters led by National Bank Financial Inc. agreed to buy 63.6 million units and Goldcorp will buy 27.3 million, Terrane said in the statement.

Terrane plans to start construction at the gold and copper mine in July, and will need to complete financing by the end of 2010, Chief Executive Officer Robert Pease said Jan. 12 in an interview. The company wants to sell part of Mt. Milligan to raise more capital, and will give the buyer rights to metal produced there. Goldcorp, the second-largest bullion producer by market value after Barrick Gold Corp., allowed an option to partner on Mt. Milligan to expire, Terrane said in a Jan. 8 statement.

The Mt. Milligan project will produce 89 million pounds of copper and 262,100 ounces of gold annually for the first six years of a 22-year mine life, Pease said in a Jan. 12 presentation at the Emerging Miners CEO Conference in New York.

Terrane has held talks on financing for the project in "the last few years" with Sumitomo Corp. officials in the Japanese company's Vancouver office and in meetings "in recent months" in the city with Sumitomo Metal Mining Co., Pease said in a Feb. 9 telephone interview.

Terrane rose 1 cent to C$1.22 at 3:58 p.m. in Toronto Stock Exchange trading. The shares have declined 9 percent this year.
 

公司声明:本文为上海有色网原创,未经书面授权,任何人不得以任何形式传播、发布、复制(包括但不限于行情数据、价格信息、市场统计信息等);如需授权,请联系021-51666829;上海有色网保留对任何侵权行为和有悖本文原意的引用行为进行追究的权利。上海有色网提供的信息旨在为客户决策提供参考,并不构成对客户决策的直接建议,客户应当谨慎决策,勿以此代替自主独立判断,客户所作出的任何决策与上海有色网无关。

微信二维码今日有色
微信二维码

微信扫一扫关注

下载app掌上有色
掌上有色

掌上有色下载

返回顶部返回顶部