- Bear Creek Mining (BCM) has raised C$34.5 million under a bought deal financing to develop its Corani Project in southern Peru
- The company issued 10 million common shares at a price of $3.00 each along with another 1.5 million shares pursuant to an over-allotment option
- Stifel GMP led the offering on behalf of a syndicate of underwriters that included BMO Capital Markets and Canaccord Genuity
- The company recently said it would build a number of capital projects in the Corani region to support local communities and provide early construction infrastructure for the Corani mine
- Bear Creek Mining is currently down 1.82 per cent to $2.69 per share
Bear Creek Mining (BCM) has raised C$34.5 million under a bought deal financing to develop its Corani Project in southern Peru.
Under the terms of the offering, which was announced on January 6, the Vancouver-based company issued a total of 11.5 million common shares at a price of $3.00 each.
This included 1.5 million shares that were issued pursuant to an over-allotment option that was granted to a syndicate of underwriters led by Stifel GMP, and which included BMO Capital Markets and Canaccord Genuity.
Located in the province of Carabaya, the wholly owned Corani Project is considered to be one of the largest fully-permitted silver-polymetallic deposits in the world.
It hosts a significant resource which is expected to support average yearly metal production of 9.6 million ounces of silver, 98 million pounds of lead and 69 million pounds of zinc over a 15-year mine life.
On September 18 last year, Bear Creek said it would begin the construction of several capital projects in the Corani region to support the long term health, education and economy of local communities and provide early construction infrastructure for the Corani mine.
These projects include a rapid-response healthcare centre with specialised therapy for COVID-19 infections, an Alpaca Research Centre, the completion of the Antapata electrical substation that was started in 2018, and the installation of transmission towers from the Antapata substation.
Bear Creek will also build and upgrade roads from the Interoceanic Highway, through the communities of Tantamaco, Huiquisa and Corani, and eventually to the Corani mine site.
Bear Creek Mining is currently down 1.82 per cent to $2.69 per share at 2:17pm EST.