Canadian Mining Eye - Q1 2014

Fundraising

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While there were no new IPOs in Q1, encouragingly, total proceeds of CDN$4.04b were raised by TSX- and TSXV-listed mining companies in Q1 2014, a modest increase as compared to CDN$4.02b raised in Q4 2013. This included:

Selected financings announced, proposed or closed in Q1 2014

Company
 
Total proceeds (CDN$) Type
 
Primary use of proceeds
 
Turquoise Hill Resources

$2.6b

Secondary offering Repay US$1.8b outstanding under the Interim Funding Facility and US$600m outstanding under the New Bridge Facility with Rio Tinto.
HudBay Minerals $172.7m Secondary offering General corporate purposes, including providing the company the flexibility to pursue opportunities to advance its growth strategy. Notably, the company announced a hostile takeover bid for Augusta Resources soon after the fundraising.
Detour Gold $172.5m Secondary offering Approximately half of the proceeds to repay debt and the remaining for sustaining capital requirements and debt servicing costs.
Torex Gold Resources $143.8m Secondary offering Fund the development of the El Limón and Guajes project.
Rubicon Minerals $115.1m Secondary offering Further develop its Phoenix Gold Project in Red Lake, Ontario.
Atlatsa Resources $75.0m Private placement Proceeds from the issue subscribed by American Platinum Ltd’s wholly owned subsidiary, Rustenberg Platinum Mines Ltd, will be used to reduce its outstanding debt to Anglo American Platinum Limited. The fundraising is a part of the Restructuring plan announced by Atlatsa Resources in March 2013.


EY - Fundraising on TSV & TSV, 2010-14


EY - Fundraising on TSV & TSV, 2010-14×