Gatos Silver, a producer of silver and other precious metals, raised $150 million by offering an upsized 21.4 million shares at $7, the low end of the range of $7 to $9. The company maintained its original target deal size by increasing the share offering by 14%. At pricing, the company commands a fully diluted market value of $397 million.
Gatos Silver is a precious metals production, development, and exploration company. The company is currently focused on the production and development of the Cerro Los Gatos Mine and the further exploration and development of a new silver and zinc mineral district (Los Gatos District) in Chihuahua, Mexico. As of July 1, 2020, the company had completed 739 exploration drill holes in the Los Gatos District, totaling 259,060 meters.
Gatos Silver plans to dual list on the NYSE and the TSX under the symbol GATO. BMO Capital Markets, Goldman Sachs and RBC Capital Markets acted as joint bookrunners on the deal.
