Fireweed Metals (FWZ.V) has announced it closed a C$61.5M non-brokered financing, geared towards a new strategic investor, JX Advanced Metals, and the Lundin Family Trusts whereby the latter is maintaining its 22.9% stake in the company. JX Advanced Metals’ 11.34 million shares will represent a 5% stake in Fireweed.
The C$4.18 financing price (without any warrants attached to this financing) represents a 9% premium to the share price before the financing was announced. Subsequent to this funding round, Fireweed Metals will have approximately C$80M in cash on its balance sheet.
Disclosure: The author has a long position in Fireweed Metals. 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.
