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TORONTO, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Arizona Sonoran Copper Company Inc. ("Arizona Sonoran" or the "Company") (TSX:ASCU) is pleased to announce that the Company has entered into an amending agreement with Raymond James Ltd. and Paradigm Capital Inc., as co-lead underwriters and joint bookrunners, on behalf of a syndicate of underwriters (collectively, the "Underwriters") to increase the size of its previously announced equity offering. The Underwriters have agreed to purchase, on a bought deal basis from the Company, a total of 20,700,000 common shares of Arizona Sonoran ("Common Shares") at a price of $1.45 per Common Share for aggregate gross proceeds of $30,015,000 (the "Upsized Offering").
Arizona Sonoran has also granted the Underwriters an over-allotment option (the "Over-Allotment Option") to purchase, at the Issue Price, up to an additional 15% of the Common Shares issued in connection with the Upsized Offering. The Over-Allotment Option is exercisable, in whole or in part, by the Underwriters at any time until and including 30 days after closing of the offering. In the event that the Over-Allotment is exercised in full, the total Common Shares purchased (including the Common Shares purchased under the Upsized Offering) will be 23,805,000 Common Shares for aggregate gross proceeds of $34,517,250.
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