06:41 AM EDT, 06/10/2025 (MT Newswires) -- FireFly Metals ( MNXMF ) late on Monday said it has received firm commitments to raise up to A$95 million through the issuance of approximately 94.7 million fully paid ordinary shares to help develop its Green Bay copper-gold project in Canada.

The company will receive an average price of A$1 per share, a discount of 2.9% to the last sale price after allowing for the Canadian flow-through premium.

The equity raising will be completed in three parts, composed of A$11.2 million charity flow-through placement priced at A$1.49 per share; A$54.9 million two-tranche institutional placement at A$0.96 per share; and A$28.8 million fully underwritten Canadian bought deal offering with BMO Capital Markets.

FireFly is also offering eligible shareholders participation in a non-underwritten share purchase plan to raise up to an additional A$5 million before costs.

"The overwhelming demand for the raising reflects the quality and growth outlook at Green Bay, our commitment to a multi-rig exploration campaign and the demand among global investors for top-shelf copper-gold projects," said FireFly Managing Director Steve Parsons.

The net proceeds will be used for spending at the Green Bay project including underground development, resource extension and infill drilling, regional and near mine exploration and drill testing, pre-construction and study works.