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US Gold Mines (NYSEMKT:USGO), a unit of Canadian GoldMining (NYSE:GLDG), has downsized the planned IPO from $20 million to $15 million.
The Alaska-based miner intends to offer 1.54 million units at a price of $10 per unit, with each unit consisting of one share plus a warrant to buy one share for $13. Underwriters would have a 30-day option to purchase up to 231,000 additional shares and/or warrants to cover over-allotments.
Joint bookrunners are HC Wainwright and BMO Capital Markets, with Laurentian Bank Securities and Sprott acting as co-managers. The deal is expected to close the week of April 10, according to Renaissance Capital.
In February, US GoldMining announced that it intends to offer 2 million units at a price of $10 per unit.
The company also said it now intends to list its shares on the Nasdaq under the symbol USGO. In the February filing, US GoldMining announced that it is seeking a listing on the NYSE American.
GoldMining was formed by US GoldMining in February 2022 to focus on the development of its Whistler gold-copper exploration project in the Yentna Mining District near Anchorage, Alaska.
US GoldMining will be GoldMining’s second spin-off in recent years. Gold Royalty (GROY), formed by US GoldMining in June 2020, conducted an initial public offering in March 2021, raising $90 million.
For more information on US gold mining, see Donovan Jones’ US GoldMining Aims for US IPO Investment.
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