Fireweed Metals, a mineral exploration company based in Toronto, has recently announced an increase in their offering due to high demand from investors. Originally planning to offer 12 million common shares and 16 million FT shares, the company upsized the offering to 12.7 million common shares and 16.1 million FT shares, raising gross proceeds of C$47 million ($34 million).
Trading at C$1.15 per share, Fireweed Metals now boasts a market capitalization of C$172 million ($125 million) in Toronto. The Lundin family trusts, along with other key stakeholders, are expected to participate in the placement and subscribe to the full amount, as per the company’s statement.
CEO Peter Hemstead confirmed that the offering proceeds will primarily fund the company’s exploration initiatives for 2024, with a focus on the Macpass project. This project, one of the world’s largest undeveloped zinc resources, hosts multiple mineralized occurrences over a vast area of 940 km2.
With only the Tom and Jason mineralized zones having resource estimates so far, Fireweed Metals aims to further explore and develop the Macpass project to unlock its full potential. Additionally, the company’s newly acquired Mactung project, known for its high-grade tungsten resource, has also shown promising results in recent years.
Investors and industry experts are keeping a close eye on Fireweed Metals as they delve deeper into their exploration initiatives and continue to expand their presence in the mineral exploration sector. With a strong focus on development and growth, the company is poised to make a significant impact in the industry in the coming years.
