What happened Shares of copper miner Taseko Mines Limited (NYSEMKT: TGB) plunged 18% Thursday after the company announced a share offering deal priced at about that same level below yesterday's closing price. The underwriting contract with Cantor Fitzgerald Canada as lead underwriter was announced yesterday and existing shareholders didn't like the deal. So what Taseko said the underwriters will purchase 27.75 million shares of common stock at a price of $0.83 per share. Shares of the miner closed yesterday at $0.99 per share. Image source: Getty Images. The money raise will cost Taseko 6% of total gross proceeds in commission. The underwriters will additionally have the option to purchase another 4.1625 million common shares for 30 days after the closing of the deal. Now what Taseko said it will use the proceeds "to fund ongoing operating, engineering and project costs in connection with the advancement of the company's Florence Copper Project." In its third-quarter results announced last month, Taseko said its major project focus is on the near-term development of the Florence project in Arizona. Currently, the company's main operation is as operator and 75% owner of the Gibraltar copper-molybdenum mine in British Columbia. Gibraltar is the second-largest open-pit copper mine in Canada. The miner still needs two more permits to begin construction of the commercial-scale wellfield at the Florence site. The project is expected to have 20 years of continuous levels of copper production. But current investors aren't looking that far ahead today, and shares are, not surprisingly, trading near the offering price. 10 stocks we like better than Taseko MinesWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Taseko Mines wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source