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Frontera Copper greenshoe exercised in full, raising unit offering to C$69 million
By Jennifer Chiou
New York, July 7 - Frontera Copper Corp. said its 9,000-unit greenshoe was exercised in full, increasing its offering C$9 million to C$69 million.
The company sold an additional 9,000 units at C$1,000 apiece. Each unit is comprised of a C$1,000 senior unsecured note due 2010 and 100 common shares.
RBC Capital Markets was lead manager.
Frontera Copper originally priced C$60 million of the units on June 2 at par to yield 10%.
Proceeds combined with the company's existing cash resources will fund the development of its wholly owned Piedras Verdes copper project in Sonora, Mexico.
"The successful completion of the over-allotment further endorses the quality of the Piedras Verdes project which is on schedule to be producing LME Grade A, copper cathode in the second half of 2006," said Gary A. Loving, president and chief executive officer, in a news release.
Toronto-based Frontera Copper is a mineral exploration and development company.
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