Vancouver-based miner, August Resource Corporation, is to raise $32.5 million (U.S.) dollars in a share issued.
The company plans to use the net proceeds to advance the development of its new Rosemont Copper mine located 30 miles south of Tucson, Arizona in the Santa Rita mountains.
The offering is scheduled to close on March 12.
Augusta have also announced that it has signed an agreement with the Silver Wheaton Corporation under which the company will provide Silver Wheaton with silver and gold in the amount equal to 100 percent of the payable silver and gold to be produced by the Rosemont Copper Project.
Silver Wheaton will be paying Augusta up front cash payments totalling $230 million (U.S) and payments of $3.90 per ounce of silver and $450 per ounce of gold delivered during the mine life, or the prevailing market prices if lower.
Rosemont is expected to produce an average of 2.4 million ounces of silver and up to 15,000 ounces of gold each year over a projected 22-year mine life.
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