By Robb M. Stewart
Fortescue Metals Group has taken part in Alta Copper’s equity raising to maintain its stake in the Canadian company.
Vancouver-based Alta said Tuesday that the Australian miner exercised a pre-emptive right to buy 267,500 Canadian dollars ($196,532) worth of shares in a private placement. Fortescue subscribed for 535,000 Alta shares at C$0.50 each, keeping its stake in the company at slightly more than 25%.
Alta this month arranged a private placement to raise C$766,645 with the issuance of about 1.5 million shares.
In all, about 2.1 million shares will be issued for gross proceeds of C$1 million, which the company has earmarked for working capital, community initiatives and engineering work. Alta is developing the Canariaco copper project in Peru, estimated to be one of the largest copper deposits in the Americas not owned by a major mining company.
Write to Robb M. Stewart at [email protected]
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