Taseko Mines Secures $150M Investment, Plans Debt Reduction
Taseko Mines (NYSE:TGB) has secured a significant investment, agreeing to sell 37.1 million common shares in a bought deal financing. The shares were sold at US$4.05 each, with gross proceeds totaling approximately US$150 million.
The company plans to use the funds to reduce its debt and for general corporate and working capital purposes. The offering includes an over-allotment option, allowing underwriters to buy an additional 15% of the shares within 30 days. TGB's stock is currently trading after hours at $4.18, a decrease of 3.24% from its previous close. The deal is expected to close around Oct. 22, pending regulatory approvals. However, the identity of the buyers has not been disclosed.
Taseko Mines' share sale has raised substantial funds, which will help strengthen its financial position. The deal's closure is imminent, subject to regulatory clearances, and will likely have a notable impact on the company's future operations.
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