In total, Hudbay issued over 42.36 million common shares priced at $9.50 each, including the full exercise of the underwriters’ overallotment for about 5.52 million shares. Originally, it had planned to issue 31.6 million shares plus a 15% overallotment.
By midday Friday in New York, shares of Hudbay Minerals traded 2.9% higher at $9.57 apiece, for a market capitalization of $3.4 billion. In Toronto, its shares rose 1.6% to C$12.99 apiece, for a market capitalization of C$4.6 billion.
As previously announced, the net proceeds will be used by Hudbay to accelerate mine pre-stripping activities and mill optimization initiatives at Copper Mountain. In 2023, the company bought a 75% interest in the mine, located south of Princeton, BC, elevating itself as the third-largest copper producer in Canada.
The company also plans to use the funds to enhance balance sheet flexibility through debt repayments as part of its “3P” plan for a…
