Gold and copper explorer Doray Minerals is in the market for a $25 million equity injection. Stockbroker Petra Capital launched a raising for the company on Tuesday morning. The broker was seeking to place 89.3 million shares at 28¢ each.
The offer was priced at a 12.5 per cent discount to the last close and a 1.5 per cent discount to the 10-day volume weighted average price.
Funds raised were to primarily to repay debt. The company had $47.5 million gross debt at December 31 which would decrease to $29.3 million following the raising, according to terms sent to potential investors.
The placement was split into tranches of 53.5 million shares and 35.8 million shares. The second tranche is subject to approval by Doray Minerals investors.
