Canadian exploration company Faraday Copper has completed a bought deal financing, raising aggregate gross proceeds of C$23m ($16.8m).

For this transaction, Faraday issued 28,750,000 common shares at C$0.80 each.

This financing was facilitated by co-lead underwriters and joint bookrunners Ventum Financial, Canaccord Genuity, and TD Securities.

The common shares have been conditionally approved for listing on the Toronto Stock Exchange (TSX), with the offering's completion contingent on receiving all necessary approvals, including the final clearance from the TSX.

The shares were also made available in the US through a private placement, exempt from the registration requirements of the US Securities Act of 1933, as amended. This exemption allowed for a broader investment base, extending beyond Canada's borders.

These funds will be used for advancing Faraday Copper's Copper Creek Project in Arizona, US, and bolstering the company's working capital and general corporate needs.

The 65km² project features a 3km porphyry copper deposit.

It is positioned in the prolific southwestern North America porphyry copper province, intersecting a major northwest-trending belt known for hosting significant copper mines in the Miami-Globe and Ray mining districts.

The region's copper-rich potential is further underscored by the presence of the former BHP-operated Kalamazoo Mine in San Manuel, Arizona, which lies along a major east-northeast trending copper belt.

Copper Creek site hosts multiple breccia and porphyry copper deposits, and more than 560 holes and over 200,000m of drilling have so far been performed at the site.

Faraday Copper president and CEO Paul Harbidge said: “We are pleased to close another successful financing backed by strong institutional support and key partners, including the Lundin family, Murray Edwards, and Pierre Lassonde.”