The funds, which are to come through an offering price of C$0.80 per share, are to be used to advance the company's Copper Creek and Contact Copper projects in the US.

Faraday's share price on the Canadian Securities Exchange hit a record high of C$1 on April 26.

"I am pleased to see such strong demand across institutions and individual investors for our at-market financing, and I am delighted with the continued support of our key strategic investors, including the Lundin family, Murray Edwards, and Pierre Lassonde," Faraday's president and CEO Paul Harbidge said.

"Their collective experience in the energy and resources sector is of immense value to the company as we advance our two assets, Copper Creek and Contact Copper," he added.

Faraday also completed its name change from CopperBank Resources. It now trades on the CSE under the ticker Symbol "FDY".