09:58 AM EDT, 05/22/2024 (MT Newswires) -- Hudbay Minerals Inc. ( HBM ) on Wednesday agreed with a syndicate of underwriters to increase the size of its previously announced equity offering. A statement noted the underwriters have agreed to purchase, on a bought deal basis from the company, a total of 36,840,000 common shares of Hudbay at a price of US$9.50 per common share for aggregate gross proceeds of US$349.980 million.

Hudbay has also granted the underwriters an over-allotment option to purchase, on the same terms and conditions of the Offer, up to an additional 15% of the common shares issued in connection with the offer. The Over-Allotment Option is exercisable, in whole or in part, by the underwriters at any time until and including 30 days after closing of the offer. The maximum gross proceeds raised under the offer will be US$402.477 million in the event the Over-Allotment Option is fully exercised.

In all other respects, the terms of the Offering and the use of proceeds therefrom will remain as previously disclosed in the original press release dated May 21, 2024.

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