Lumina Metals Corp. and the Sitka Foundation, as a shareholder of the company, raised $297 million in an IPO in Toronto. This is reported in a press release from Lumina.
Lumina Metals sold 25 million shares, and Sitka sold 7.5 million (12.5 Canadian dollars per share), increasing the company's market value to $955 million (1.3 billion Canadian dollars). The demand exceeded the supply several times.
The proceeds from the placement will be used to develop three copper and silver mining projects in southwestern Poland (Nowa Sól, Mozów, Sulmierzyce). The company's largest shareholder is Kestrel Holdings Ltd., a subsidiary of Lumina Group, which has founded several mining enterprises, including Lumina Copper Corp. and Equinox Gold Corp. After the IPO, Kestrel will own 41.3% of Lumina shares.
Nowa Sol, Lumina Metals' most advanced project, is located near the mines of the state-controlled KGHM Polska Miedz SA, Poland's only copper and silver producer. KGHM shares have increased by 162% over the past 12 months, taking into account rising metal prices. To start production, Nowa Sol will need 6.4 billion to produce 390 thousand tons of copper over 10 years.
BMO Capital Markets, National Bank Financial Inc., Morgan Stanley Canada Ltd., RBC Capital Markets and CIBC World Markets Inc. are acting as organizers of the share placement. In addition, in addition to the Toronto Stock Exchange, Lumina intends to apply for listing on the Warsaw Stock Exchange.
Lumina Metals is a Canadian company engaged in the exploration and development of copper and silver deposits. Lumina Metals is a subsidiary of Lumina Group. Lumina Metals is headquartered in Vancouver, Canada.
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