Top Financings of the Week

The Funding Secured team wrapped up an exciting and productive week in Toronto at PDAC, the world’s premier mineral exploration and mining convention. The atmosphere was energetic, with brokers, investment bankers, and funds all expressing a level of optimism for the resource sector not seen in years—driven in part by geopolitical shifts and inflationary trends.

The Recap

The best information on capital raises and financing activity in under 5 minutes:

• New Gold Inc. (TSX: NGD/ NYSE: NGD) Announces pricing of $400 million senior notes offering to fund tender offer for outstanding 7.50% senior notes.

• Lucid Diagnostics Inc. (Nasdaq: LUCD) Commercial-stage, cancer prevention medical diagnostics Company, announces closing of $15.3 million registered direct offering.

• BYD Company (1211.HK / OTC: BYDDF) Chinese electric vehicle announces raised $5.59 billion in a primary share sale to be used for R&D and international expansion.

New Gold Inc. announced pricing of $400 million senior notes at 6.875% maturing 2032 to fund tender offer for outstanding 7.50% senior notes. The Company plans to use the money from the Notes offering, along with cash on hand, to buy back all of its 7.50% senior notes due 2027 and cover related costs. Any leftover funds will be used to redeem any remaining notes at full value.

New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine. New Gold's vision is to build a leading diversified intermediate gold company based in Canada that is committed to the environment and social responsibility.

Lucid Diagnostics Inc. announced the closing of its $15.3 million registered direct offering. The net proceeds, estimated to be ~$14.5 million after expenses, will be used for working capital and general corporate purposes, potentially strengthening the Company’s financial position and supporting its operations in the cancer prevention diagnostics industry.

Lucid is a commercial-stage, cancer prevention medical diagnostics company. Lucid is focused on the millions of patients with gastroesophageal reflux disease (GERD), also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer.

Chinese electric vehicle maker BYD announced that it raised $5.59 billion through an upsized primary share sale, marking the largest offering of its kind in Hong Kong in four years.

The carmaker will use the proceeds from the share placement for research and development and overseas expansion. BYD delivered 4.27 million pure electric and plug-in hybrid vehicles in 2024, an increase of 41.3 per cent from a year earlier.

According to Reuters, BYD stated that this was the largest equity follow-on offering in the global automotive sector over the past decade. The Al-Futtaim Family Office, based in the United Arab Emirates, played a key role as an investor in the share sale. BYD also mentioned plans for a strategic partnership with the firm but did not disclose the investment amount.

Top Money Moves

Lead Investors

• Aadi Bioscience: $100,000,000 | Biotechnology | Lead Investor: Ally Bridge Group

• Avanti Feeds: $56,378,400 | Food and Beverage | Lead Investor: IIFL Facilities Services

• Tenax Therapeutics: $25,000,000 | Biotechnology | Lead Investor: RTW Investments

• Valiant Eagle: $10,000,000 | Media and Entertainment | Lead Investor: Bell Rose Capital

• Coinbase: $8,000,000 | Crypto | Lead Investor: ARK Investment Management

• Martello Technologies: $1,500,000 | Software | Lead Investor: Wesley Clover

Do you know of any other lead investors who put capital into the markets this week? We would be happy to feature the transactions, send us an email at [email protected]