Rio2 upsizes equity financing for Peru acquisition

Canada's Rio2 has secured strong market backing for its planned acquisition of the Condestable copper mine in Peru, with the company increasing its previously announced bought-deal financing to C$166-million, only days after unveiling the transformative transaction.

The Vancouver-based miner announced on Monday that it had struck a definitive agreement to acquire Southern Peaks Mining’s 99.1% interest in the long-running Condestable operation for total consideration of $217-million, implying an enterprise value of about $241-million once net debt is included.