On April 24, 2007, Stingray Resources Inc. completed a prospectus offering of 41,700,000 units for aggregate proceeds of $50,040,000. The offering was co-led by Canaccord Capital Corporation and GMP Securities LP and included Westwind Partners Inc. (the agents). The proceeds from the sale of the units were used to fund the remaining US$17.75 million payable to Xstrata Copper for the purchase of all of the outstanding shares of Noranda Exploracion Mexico S.A. de C.V., the owner of the El Pilar oxide copper project located in Sonora, Mexico. The El Pilar project is located in north-central Sonora, roughly 15 kilometres south of the border with the United States.
Stingray Resources Inc. was represented by a team of Lavery, de Billy L.L.P. comprised of Michel Blouin and Sébastien Vézina.
The agents were represented by James Clare, Maja Czubernat and Frank Davis of Fraser Milner Casgrain LLP.
Xstrata was represented by Ian Arellano and Daniel Bornstein of McCarthy Tétrault LLP.