TORONTO, May 22, 2024
/CNW/ - Hudbay Minerals Inc. ("Hudbay" or the "Company")
(TSX: HBM) (NYSE: HBM) announced that the Company has agreed
with the syndicate of underwriters led by RBC Capital Markets and
BMO Capital Markets (collectively, the "Underwriters") to increase
the size of its previously announced equity offering. The
Underwriters have agreed to purchase, on a bought deal basis from
the Company, a total of 36,840,000 common shares of Hudbay ("Common
Shares") at a price of US$9.50 per
Common Share for aggregate gross proceeds of US$349,980,000 (the "Offering").
Hudbay has also granted the Underwriters an over-allotment
option (the "Over-Allotment Option") to purchase, on the same terms
and conditions of the Offering, up to an additional 15% of the
Common Shares issued in connection with the Offering. The
Over-Allotment Option is exercisable, in whole or in part, by the
Underwriters at any time until and including 30 days after closing
of the Offering. The maximum gross proceeds raised under the
Offering will be US$402,477,000 in
the event the Over-Allotment Option is fully exercised.
In all other respects, the terms of the Offering and the use of
proceeds therefrom will remain as previously disclosed in the
original press release dated May 21,
2024.
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 release
dated May 21, 2024 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 terms of the Offering, the
potential for the Underwriters to exercise the Over-Allotment
Option, 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.
Prospective purchasers should refer to the Prospectus Supplement,
Prospectus, and the documents incorporated by reference in the
press release dated May 21, 2024 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.
SOURCE Hudbay Minerals Inc.