Idaho Copper, a mineral exploration company focused on a copper-molybdenum-silver project in Idaho, raised the proposed deal size for its upcoming IPO on Thursday.
The Boise, ID-based company now plans to raise $15 million by offering 2.3 million shares at a price of $6.40, based on a recent quoted price of its shares on the OTC. The company had previously filed to offer 0.8 million shares at the same price. At the revised terms, Idaho Copper will raise 200% more in proceeds than previously anticipated and command a fully diluted market value of $115 million (-6% versus previous terms).
Idaho Copper is focused on exploring and developing a copper-molybdenum-silver deposit in Idaho, called the CuMo Project. The project comprises approximately 2,640 acres across 132 mining claims, including 126 federal unpatented lode claims and six patented claims, and is supported by a Preliminary Economic Assessment completed in 2020, with an updated report underway.
Idaho Copper was founded in 2005 and plans to list on the NYSE American under the symbol COPR. ThinkEquity is the sole bookrunner on the deal.
