FireFly Metals' A$10 million SPP closes Wednesday after A$180 million raising

FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:FFMFF) is approaching the close of its share purchase plan (SPP), the final component of a broader funding package supporting development of the Green Bay Copper-Gold Project in Newfoundland, Canada. Eligible shareholders have until 5 pm AWST on Wednesday, September 23 to participate in the non-underwritten SPP, which is targeting up to A$10 million after FireFly completed an approximately A$180 million institutional and Canadian equity raising earlier this month. Investors can apply for up to A$30,000 of new shares at A$1.78 each, matching the price paid by sophisticated and professional investors under FireFly’s recent institutional placement. The offer is available to eligible shareholders who held FireFly shares at 5pm AWST on August 24 and whose registered address is in Australia or, subject to the offer restrictions, New Zealand. Funding Green Bay development The SPP follows FireFly’s approximately A$180 million equity raising completed in early September, comprising a A$150 million institutional placement at A$1.78 per share and an approximately A$30 million TSX bought deal. Together with the SPP proceeds, the funding is intended to support the next stage of work at Green Bay, including underground development, drilling, surface early works and technical studies. FireFly plans further underground drilling aimed at extending the existing mine area, increasing Measured and Indicated resources and testing geophysical targets, parallel lodes and deeper miner...