On February 15, 2007, Mercator Minerals Ltd. announced that it had completed its previously announced financing of Units and Common Shares. The offering was oversubscribed, raising gross proceeds of US$117.6 million from the sale of units and an additional C$25 million from the sale of common shares.
The offering of common shares, and units consisting of notes and warrants was led by Jennings Capital Inc. and included Laurentian Bank Securities Inc., TD Securities Inc. and Acumen Capital Finance Partners Limited (the "agents").
The net proceeds of the Offering will be used together with the Company's existing cash resources to fund the expansion of the Mineral Park copper mine near Kingman, Arizona and for other general corporate purposes.
Mercator Minerals is a copper producer that owns and operates the Mineral Park copper mine in Arizona, with a corporate strategy focused on maximizing the production potential of the Mineral Park copper-molybdenum deposit.
Fasken Martineau advised the agents in this offering with a team comprised of Chuck Higgins and Jennifer Armstrong (securities); Darrell Podowski and Sarah Mamoser (corporate); Brian Wright, David Johnson and Daye Kaba (debt); and Ron Nobrega (tax).