Due to strong demand, however, the company on Friday upsized the offering to 12.7 million common shares and 16.1 million FT shares, for gross proceeds of C$47 million ($34 million).
Shares of Fireweed Metals were trading at C$1.15 apiece by 11:00 a.m. ET in Toronto for a market capitalization of C$172 million ($125 million). It traded between C$0.88 and C$1.77 over the past 52 weeks.
The Lundin family trusts, alongside other key stakeholders, are expected to participate in the placement and have previously indicated their intention to subscribe the full amount, the company said.
In a news release on Thursday, Fireweed’s CEO Peter Hemstead confirmed that the offering proceeds will primarily fund the company’s exploration initiatives for 2024, specifically an extensive 14,000-metre drilling and regional exploration program at Macpass.
“This funding enables Fireweed to execute this year’s planned program without the need for…
