HudBay Minerals Inc. completed an equity offering of 20,930,000 of its common shares at a price of $8.25 per share, which included the exercise in full of the over-allotment option granted to the underwriters, for gross proceeds of approximately $172.6 million.
The offering was underwritten by a syndicate of underwriters co-led by GMP Securities L.P. and BMO Capital Markets and included RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., Dundee Securities Ltd., Macquarie Capital Markets Canada Ltd., Merrill Lynch Canada Inc., Paradigm Capital Inc., Raymond James Ltd., Cormark Securities Inc., and Desjardins Securities Inc.
The company intends to use the net proceeds of the offering for general corporate purposes, including providing the company the flexibility to pursue opportunities to advance its growth strategy.
Hudbay was represented in-house by Patrick Donnelly and Mark Haber; and by Goodmans LLP in Canada with a team that included Kari MacKay, Rob Kallio and Joanna Creed (securities and mining) and Alan Bowman (tax); Milbank, Tweed, Hadley & McCloy LLP in the US with a team that included Mark Mandel, Brett Nadritch and Suni Sreepada (securities) and Andrew Walker (tax); Thompson Dorfman Sweatman LLP in Manitoba with a team that included Jeff Kowall, Elmer Gomes and Michael Choiselat; Rodrigo, Elias & Medrano Abogados in Peru with a team that included Luis Carlos Rodrigo Prado, Luis Enrique Palacios and Francisco Tong; Cora Miller of Conyers Dill & Pearman in the British Virgin Islands; Penny Yeager and Erin Eccleston of MacPherson Leslie & Tyerman LLP in Saskatchewan; and by Andrew Jackson and Laura Smith of Fasken Martineau DuMoulin LLP in British Columbia.
The underwriters were represented by Cassels Brock & Blackwell LLP with a team that included Mark Bennett, Chad Accursi, Nancy Choi, Chad Aboud and Joel McElravy (securities and mining), and Chris Norton and Michael Platt (tax); and by Dorsey & Whitney LLP on US matters with a team that included Richard Raymer and Daniel Nauth.