10 Jan 2014capital raising announcement● NeutralMajor
On January 9, 2014 Hudbay agreed with underwriters to sell 18,200,000 new common shares at C$8.25 each, for gross proceeds of C$150,150,000, with an over-allotment option for up to 2,730,000 more shares (C$172,672,500 in total if fully used). Closing was scheduled for about January 30, 2014, subject to approvals, and the money is for general corporate purposes, including flexibility to pursue opportunities to advance its growth strategy. For shareholders this means new shares being issued, so existing holders' ownership share is diluted, which is a first equity raise after the 2012-2013 note issues.