Nemesia bought Faraday Copper shares, passive dilution cuts its stake to 13.25%

what happened

Nemesia S.à.r.l, a company controlled by trusts set up by the late Adolf H. Lundin, reported buying 971,830 common shares of Faraday Copper Corp. on October 28. The price was Cdn$4.4622 per share, the trade went through the Toronto Stock Exchange, and the total came to Cdn$4,336,500. The information was published by TradingView.

The purchase alone did not trigger a reporting requirement. However, the issuance of 131,593,046 treasury shares to pay for the San Manuel Project lowered Nemesia's stake from 19.11% to 13.25%, a net drop of about 5.86 percentage points. Nemesia now holds 57,010,835 shares, and the reduction is described as passive dilution.

According to Nemesia, the shares were acquired for investment purposes, and it may buy or sell shares in the future depending on Faraday's business, prospects and market conditions. An early warning report will be filed under National Instrument 62-103.

why it matters

For the market this is a routine notice that has little effect on copper prices or Faraday's share price. The San Manuel acquisition matters more, since the new shares issued for it increased the number outstanding and caused the change in the major holder's stake. For investors it signals a shift in ownership structure rather than in the company's operations.

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