Hudbay Minerals Inc. (“Hudbay” or the “Company”)
(TSX, NYSE: HBM) is pleased to announce
that the Company has closed its previously announced public
offering of common shares of the Company (the “Common Shares”). The
underwriters exercised the full over-allotment option to purchase
an additional 15% of the Common Shares in connection with the
Offering. The Company issued, on a bought deal basis, 42,366,000
Common Shares, including 5,526,000 Common Shares pursuant to the
exercise of the over-allotment option, at a price of US$9.50 per
Common Share for aggregate gross proceeds of US$402,477,000 (the
“Offering”).
The Offering was completed pursuant to an
underwriting agreement dated May 22, 2024 entered into between the
Company and a syndicate of underwriters led by RBC Capital Markets
and BMO Capital Markets, as Joint Bookrunners, and CIBC Capital
Markets, National Bank Financial, Scotiabank and TD Securities as
co-lead managers, and including Barclays Capital, Canaccord
Genuity, Bank of America Merrill Lynch, Cormark Securities, ING
Bank, Haywood Securities, Raymond James, Stifel Nicolaus, Eight
Capital, and Paradigm Capital as co-managers.
The Company intends to use the net proceeds of
the Offering to fund near-term growth initiatives, including
acceleration of mine pre-stripping activities and mill optimization
initiatives at Copper Mountain, to enhance balance sheet
flexibility through debt repayments as part of its "3P" plan for a
sanctioning decision on Copper World, to evaluate mill throughput
enhancement opportunities at Constancia and New Britannia, and for
general corporate purposes, as further described in the Prospectus
Supplement (as defined below).
This news release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any province, state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such province, state or jurisdiction.
Forward-Looking Information
This news release and the previously announced
press releases relating to the Offering contains “forward-looking
information” and “forward-looking statements” within the meaning of
applicable Canadian and United States securities legislation
(collectively herein referred to as “forward-looking information”).
All forward-looking information in news release is qualified by
this cautionary note. Often, but not always, forward-looking
information can be identified by the use of words such as “plans”,
“expects”, “budget”, “guidance”, “scheduled” “estimates”,
“forecasts”, “strategy”, “target”, “intends”, “objective”, “goal”,
“understands”, “anticipates” and “believes” (and variations of
these or similar words) and statements that certain actions, events
or results “may”, “could”, “would”, “should”, “might” “occur” or
“be achieved” or “will be taken” (and variations of these or
similar expressions).
Forward-looking information herein includes, but
is not limited to, statements related to the use of proceeds of the
Offering and Hudbay’s business, objectives, strategies, and
intentions. Forward-looking information is not, and cannot be, a
guarantee of future results or events.
Forward-looking information is based on, among
other things, opinions, assumptions, estimates and analyses that,
while considered reasonable by the Company at the date the
forward-looking information is provided, inherently are subject to
significant risks, uncertainties, contingencies and other factors
that may cause actual results and events to be materially different
from those expressed or implied by the forward-looking information.
Readers should refer to the prospectus supplement dated May 22,
2024 (the "Prospectus Supplement") to Hudbay’s short form base
shelf prospectus dated March 28, 2024 (the "Prospectus") filed with
the securities regulatory authorities in each of the provinces and
territories of Canada and included in its registration statement on
Form F-10 filed with the U.S. Securities and Exchange Commission,
and the documents incorporated by reference therein, for further
disclosures in respect of the risks, uncertainties, contingencies
and other factors that may cause actual results to differ
materially from those expressed or implied by the forward-looking
information herein. Subject to applicable securities law
requirements, Hudbay undertakes no obligation to update or revise
any forward-looking information after the date of any
forward-looking information whether as a result of new information,
future events or otherwise or to explain any material difference
between subsequent actual events and any forward-looking
information.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused
mining company with three long-life operations and a world-class
pipeline of copper growth projects in tier-one mining-friendly
jurisdictions of Canada, Peru and the United States.
Hudbay’s operating portfolio includes the
Constancia mine in Cusco (Peru), the Snow Lake operations in
Manitoba (Canada) and the Copper Mountain mine in British Columbia
(Canada). Copper is the primary metal produced by the company,
which is complemented by meaningful gold production. Hudbay’s
growth pipeline includes the Copper World project in Arizona
(United States), the Mason project in Nevada (United States), the
Llaguen project in La Libertad (Peru) and several expansion and
exploration opportunities near its existing operations.
The value Hudbay creates and the impact it has
is embodied in its purpose statement: “We care about our people,
our communities and our planet. Hudbay provides the metals the
world needs. We work sustainably, transform lives and create better
futures for communities.” Hudbay’s mission is to create sustainable
value and strong returns by leveraging its core strengths in
community relations, focused exploration, mine development and
efficient operations.
For further information, please contact:
Candace BrûléVice President, Investor
Relations(416) 814-4387investor.relations@hudbay.com
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