New Oroperu Resources and First Light complete C$22M financing as part of Anacortes Mining combination deal

New Oroperu Resources and First Light complete C$22M financing as part of Anacortes Mining combination deal

New Oroperu Resources Inc (CVE:ORO) (OTCMKTS:NOPUF) (FRA:OE6) has closed the previously announced financing as part of the deal to combine with First Light Capital Corp (CVE:XYZ.P) to create a new Americas-focused gold company called Anacortes Mining Corp. The financing comprised over 55 million subscription receipts at C$0.40 each for gross proceeds of C$22,038,500, including the partial exercise of the agents’ option. READ: New Oroperu Resources and First Light Capital announce business combination to create Anacortes Mining to advance Tres Cruces asset As reported in June this year, First Light will change its name to Anacortes Mining, a company that aims to continue to advance New Oroperu’s Tres Cruces project in Peru. The latter is one of the highest-grade gold oxide deposits in the world, with 2.474 million ounces of oxide plus sulphide gold at a grade of 1.65 grams per tonne (g/t). “The private placement will allow Anacortes to begin its advancement of Tres Cruces in a well capitalized position of strength with the goal of creating significant value for stakeholders through exploration and development of both the oxides and sulphides at Tres Cruces,” said Jim Currie, CEO of First Light, who, as previously reported, will lead Anacortes as its new CEO and president. “Furthermore, the private placement has allowed the pro forma company to move forward with a strong shareholder registry, introducing additional supportive institutional, high net worth, and retail investors,” he added. Anacortes intends to use the net proceeds to advance Tres Cruces and next steps include data compilation and validation, exploration drilling to increase oxide and sulphide mineral resources, and the advancement of a feasibility study for a standalone oxide operation. Also ahead lies permitting, and evaluating synergies for oxide development, and the assessment of sulphide development scenarios. As reported in June, under the combination transaction, each New Oroperu shareholder will receive 5.815 common shares of First Light for each New Oroperu share they hold. Based upon that exchange ratio, a total of 162.2 million First Light shares will be issued to New Oroperu shareholders based on a total of 27.9 million New Oroperu shares outstanding, which represents a total consideration of around C$76 million, based on a closing share price of First  Light of C$0.47 on June 16, 2021. The transaction is expected to close in Q3-Q4 of 2021 and immediately afterwards Anacortes will consolidate its common shares at a ratio of six pre-consolidation shares to one post-consolidation share. Contact the author at giles@proactiveinvestors.com