After announcing it would sell 7 million units at $22.50 each, Rio Algom (TSE) added another million shares at the same price. Gross proceeds are expected to be $180 million.
Each unit will consist of one common share and half a common share purchase warrant. Each full warrant will entitle the holder to buy an additional share for two years at $25.
Proceeds will be used to develop the Cerro Colorado copper project in northern Chile and for redemption of all outstanding series C preferred shares.
The underwriting has yet to approved by regulators, and the units will not be sold in the U.S.
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