On June 4, 2015, First Quantum Minerals Ltd. completed its sale of 76,923,000 common shares of First Quantum at a price of $16.25 per common share to raise gross proceeds of $1.25 billion. The underwriters exercised their over-allotment option in full, bringing the aggregate gross proceeds to First Quantum of $1.44 billion.
First Quantum intends to use the net proceeds of the offering to advance and expand existing production facilities, to increase financial flexibility through the reduction of net debt, and for general corporate purposes, including strategic investments to further enhance its returns and growth pipeline.
Osler, Hoskin & Harcourt LLP advised the underwriters, with a team including Desmond Lee, Tara Law, James Brown and Robert Anton (Canadian corporate and securities) and Jason Comerford, Matthew Sadofsky and Matthew McLeod (US corporate and securities).