On October 19, 2017, Ero Copper Corp. (Ero or the Company) completed its initial public offering and secondary offering of an aggregate of 23,282,116 common shares (the Shares) for a price of $4.75 per Share for aggregate gross proceeds of $110,590,051 (the Offering). The Shares were sold by way of treasury offering of 10,000,000 Shares by Ero, and secondary offering of 13,282,116 Shares by certain securityholders of the Company (the Selling Securityholders).
The Offering was underwritten by a syndicate of underwriters co-led by BMO Nesbitt Burns Inc. and Scotia Capital Inc. and included Canaccord Genuity Corp., GMP Securities L.P., Numis Securities Limited, PI Financial Corp. and Raymond James Ltd. (collectively, the Underwriters).
The Company granted the Underwriters an over-allotment option to purchase up to an additional 3,492,317 common shares for additional gross proceeds of $16,588,505.75, which was exercised in full by the Underwriters and closed on November 1, 2017, resulting in the Offering totalling $127,178,556.75.
The Shares were offered in each of the provinces and territories of Canada, other than Québec, by way of a prospectus dated October 11, 2017, and in the United States on a private placement basis pursuant to a private placement memorandum dated October 11, 2017.
Ero was represented in-house by Deepk Hundal (Vice President, General Counsel and Corporate Secretary).
Blake, Cassels & Graydon LLP acted as Canadian counsel to Ero with a team that included Bob Wooder, Kathleen Keilty, Jamie Kariya, Vladimir Cvijetinovic, Nikita Ponomarev, Daniel Cherniak and Michael Stewart (securities) and Kevin Zimka (tax).
Clifford Chance US LLP acted as US counsel to Ero with a team that included Anand Saha and Devon MacLaughlin (securities).
Pinheiro Neto Advogados acted as Brazil counsel to Ero with a team that included Carlos Vilhena and Adriano Drummond Trindade (mining).
Cassels Brock & Blackwell LLP acted as Canadian counsel to the Underwriters with a team consisting of Chad Accursi, Shaun Khullar, Kyle Simpson, and James Lyle (securities and mining) and Christopher Norton (tax).
Dorsey & Whitney LLP acted as US counsel to the Underwriters with a team that included Richard Raymer and Daniel Nauth (securities).
Veirano Advogados acted as Brazil counsel to the Underwriters with a team that included Pedro Garcia and Daniela Philbois (mining).