FireFly Metals (ASX:FFM) has raised about CA$28.4 million through a fully underwritten Canadian bought deal with BMO Capital Markets, issuing 30 million shares at CA$0.86 each, according to a Monday filing with the Australian bourse.

On June 15, the company said it completed the charity flow-through placement and the first tranche of the institutional placement of its equity raising.

The second tranche of the institutional placement is expected to be complete in August, following shareholder approval, the filing said.

The company said it will also open a share purchase plan (SPP) to raise up to AU$5 million, offering eligible shareholders the opportunity to acquire up to AU$30,000 worth of shares priced at AU$0.96 per share.

The SPP offer is expected to close on July 7.