Key Mining, a Florida-based mining company with two exploration-stage projects in Chile, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also replaced sole bookrunner Titan Partners with EF Hutton.
The Miami, FL-based company now plans to raise $10 million by offering 4.4 million shares at $2.25. The company had previously filed to offer 7.5 million shares at a range of $2.00 to $2.30. At the revised terms, Key Mining will raise 38% less in proceeds than previously anticipated.
Key Mining is an exploration stage mining company focused primarily on the development of two projects located in the Atacama Region of Chile. Its Cerro Blanco project is focused primarily on exploring for rutile from which high grade titanium dioxide (TiO2) can be processed. Its Fiel Rosita project is focused primarily on exploring for copper, and to a lesser extent, zinc. Key Mining has limited operating history, has never generated any revenue, and currently does not operate any mines.
Key Mining was founded in 2020 and plans to list on the NYSE American under the symbol KMCM. EF Hutton is the sole bookrunner on the deal.
