Austin Gold, a Canadian gold exploration company with four properties in Nevada, lowered the proposed deal size for its upcoming IPO on Thursday.
The Vancouver, Canada-based company now plans to raise $13 million by offering 3.3 million shares at $4. The company had previously filed to offer 3 million units at a price range of $4 to $6, with each unit containing one share of common stock and one warrant, exercisable at the IPO price. At the revised price, Austin Gold will raise -13% less in proceeds than previously anticipated and command a fully diluted market value of $52 million (-19% from original terms).
Because the company is no longer offering units with warrants attached, Austin Gold is once again eligible for tracking and will be included in Renaissance Capital's stats.
Austin Gold is a gold exploration company focused on gold targets and making district-scale gold discoveries in Nevada. The company currently has interests in four gold exploration properties located in the state of Nevada, including the Kelly Creek Project, the Fourmile Basin Project, the Lone Mountain Project, and the Miller Project. Its principal objective is advancing the Kelly Creek Project, and is the only property that the company considers material at this time. Austin Gold has not generated any operating revenues to date.
Austin Gold was founded in 2020 and plans to list on the NYSE American under the symbol AUST. Roth Capital is the sole bookrunner on the deal.
