U.S. GoldMining, an early-stage gold-copper mining company in Alaska spun out of GoldMining, raised the proposed deal size for its upcoming IPO on Monday.
The Anchorage, AK-based company now plans to raise $20 million by offering 2 million units at $10. The company had previously filed to offer 1.5 million units at the same price; it originally planned to offer 2 million units before revising the terms in March. Each unit still consists of one share of common stock and one warrant, exercisable at $13. At the revised terms, U.S. GoldMining will raise 30% more in proceeds than previously anticipated.
Because the company plans to offer units with warrants attached, U.S. GoldMining will be excluded from Renaissance Capital's 2023 IPO stats.
U.S. GoldMining is an exploration stage company focused on its sole property, the Whistler Project, a gold-copper exploration project located in the Yentna Mining District of Alaska. The Whistler Project comprises 377 State of Alaska mining claims covering approximately 53,700 acres, and metal recoveries reported for the project resource estimate include 83% for copper, 70% for gold, 65% for silver with silver grades below 10 g/t, and 0% for silver grades above 10 g/t. U.S. GoldMining has no operating revenues and does not anticipate generating revenues for the foreseeable future.
U.S. GoldMining was founded in 2015 and plans to list on the Nasdaq under the symbol USGO. H.C. Wainwright and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of April 10, 2023.
