Rio Tinto to invest in Arizona Sonoran Copper through private placement
2022-05-05 12:00:51 [Print]
Rio Tinto is set to invest in copper producer Arizona Sonoran Copper (ASCU) as part of the latter's $23
Rio Tinto will subscribe for 6.4-million shares in the copper producer while private equity firm Tembo Capital Elim Co-Investment will subscribe for 3 . 9-million shares at a discounted price of C$2 a share . Upon completion of the private placement, Rio Tinto will own 7 . 4% in ASCU's outstanding share capital.
ASCU plans to utilise the offering's net proceeds to support more drilling work, along with exploration, project and study work on the Cactus Mine Project, as well as for general corporate purposes.
. 7m non-brokered private placement.Rio Tinto will subscribe for 6.4-million shares in the copper producer while private equity firm Tembo Capital Elim Co-Investment will subscribe for 3 . 9-million shares at a discounted price of C$2 a share . Upon completion of the private placement, Rio Tinto will own 7 . 4% in ASCU's outstanding share capital.
ASCU plans to utilise the offering's net proceeds to support more drilling work, along with exploration, project and study work on the Cactus Mine Project, as well as for general corporate purposes.