FireFly doubles share purchase plan to A$10 million due to demand

FireFly Metals Ltd (ASX: FFM, TSX: FFM) doubled its share purchase plan to A$10 million from the original A$5 million target after receiving applications totaling approximately A$31 million, according to a company statement.

The plan, which closed December 19, attracted 1,558 valid applications from 5,826 eligible shareholders, representing a 27% participation rate with an average application amount of approximately A$19,383.

The share purchase plan was conducted alongside FireFly's approximately A$139 million equity raising, which included an A$85 million institutional placement at A$1.70 per share, a C$34.5 million Canadian bought deal offering at C$1.56 per share, and a C$15 million charity flow-through placement at approximately A$2.09 per share.

Due to oversubscription, the company implemented a scale-back methodology. Shareholders holding 0-250 shares received no allocation, those with 251-499,999 shares received approximately 33% of their application, and shareholders with 500,000 or more shares received 100% of their application up to the A$30,000 cap.

The company will issue 5,881,744 new shares on December 30, with trading expected to commence December 31. Excess application money will be refunded without interest.

Proceeds from the equity raising and share purchase plan will fund continued growth and upgrading of mineral resources at FireFly's Green Bay Copper Gold Project, along with underground development, pre-construction works, mining studies and working capital.

FireFly's Green Bay project currently hosts 50.4 million tonnes of measured and indicated mineral resources at 2.0% copper equivalent and 29.3 million tonnes of inferred mineral resources at 2.5% copper equivalent.

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