Arras Minerals (ARK.V) recently announced a C$15M bought deal financing on the back of its good drill results in Kazakhstan but due to strong investor demand, the total size of the offering was recently increased to C$21.7M.
The financing was priced at C$1.36 and as this is a no-warrant financing, this is a good way for Arras Minerals to top up its treasury. The underwriters are entitled to purchase an additional 1.47M shares as part of the bought deal financing, which would bring the total size to C$23.7M (before expenses and underwriting fees). This will of course be very helpful to continue to explore the copper assets in Kazakhstan, which recently yielded an interval of almost a kilometer at 0.71% copper-equivalent at Berezski North.
Disclosure: The author has a long position in Arras Minerals but recently sold approximately a quarter of the position. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
