First Quantum Minerals completes $1.44B offering

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. 

First Quantum was advised by Fasken Martineau DuMoulin LLP with a team led by John Turner, and including Daniel Batista, Alex Nikolic, Jessica Catton, David Steinhauer, Jesse Bertollo, Ryan Mapa, Lata Casciano (corporate finance), Christopher Steeves and Corum Van Esch (tax).

Weil, Gotshal & Manges LLP advised First Quantum in the US with a team led by P.J. Himelfarb and Patrick Bright, and including Adé Heyliger, Nitin Konchady and Drew Hodel, and David Bower (tax).

Osler, Hoskin & Harcourt LLP advised the underwriters, with a team of Desmond Lee, Tara Law, James Brown and Robert Anton (Canadian corporate, securities) and Jason Comerford, Matthew Sadofsky and Matthew McLeod (US corporate, securities).