08:58 AM EDT, 10/09/2024 (MT Newswires) -- Arizona Sonoran Copper ( ASCUF ) said on Wednesday that it raised $34.5 million in an upsized bought deal offering.

The offering comprised 23,805,000 common shares, including 3,105,000 common shares pursuant to the exercise of the overallotment option, at a price of $1.45 per share.

The company said it plans to use the proceeds for exploration and development at the Cactus project in Arizona, as well as for general working capital and corporate purposes.

Arizona Sonoran's share price fell 2.7% yesterday to $1.46 on the TSX.