Faraday Copper has finalised its previously announced bought deal financing, raising C$48.77m ($35.5m).

The company executed a brokered bought deal and a non-brokered private placement, selling a combined 44.3 million common shares at C$1.10 each.

The brokered offering, led by Ventum Financial, and supported by a consortium of underwriters, resulted in the sale of 26.1 million common shares, generating gross proceeds of C$28.75m.

The underwriters, including BMO Nesbitt Burns, Canaccord Genuity, Haywood Securities and TD Securities, fully exercised their over-allotment option in the process.

Concurrently, Faraday Copper engaged in a non-brokered private placement of 18.2 million common shares, which raised an additional C$20.02m.

The net proceeds from these offerings are earmarked for the advancement of the Copper Creek Project in Arizona, US. The funds will also support working capital needs and general corporate requirements.

The Copper Creek Project, situated in Pinal County, Arizona, encompasses a 3km-long porphyry copper deposit.

Located less than two hours north-east of Tucson, the project benefits from its position within a well-established mining district known for its abundant resources and existing infrastructure, stated the company.

This site is at the nexus of two major copper belts in the south-west of North America. It neighbours the Miami-Globe and Ray mining districts and is aligned with the copper-rich area signified by the former BHP Kalamazoo Mine in San Manuel, Arizona.

In a related party disclosure, it was revealed that the Lundin Family Trusts, associated with the late Adolf H. Lundin, acquired 9.4 million common shares during the offering.

As the largest shareholder of Faraday Copper, the trusts' participation is considered a related party transaction under Multilateral Instrument 61-101. However, several exemptions have been applied, waiving the need for formal valuation and minority shareholder approval.