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US GoldMining (NYSEMKT:USGO), a unit of Canada’s GoldMining (NYSE:GLDG), has downsized it proposed initial public offering to $15M from $20M.
The Alaska-based mining company intends to offer 1.54M units at $10 per unit, with each unit consisting of one share plus one warrant to buy one share for $13. Underwriters would be granted a 30-day option to buy up to 231K additional shares and/or warrants to cover any over-allotments.
Joint bookrunners are HC Wainwright and BMO Capital Markets, with Laurentian Bank Securities and Sprott serving as co-managers. The deal is expected to price the week of April 10, according to Renaissance Capital.
In February, US GoldMining said it was looking to offer 2M units priced at $10 per unit.
The company also said it now intends to list its shares on Nasdaq under the symbol USGO. In the February filing, US GoldMining said it was seeking a listing on NYSE American.
GoldMining created by US GoldMining in February 2022 to focus on developing its Whistler gold-copper exploration project located in the Yentna Mining District near Anchorage, Alaska.
US GoldMining will be GoldMining’s second spin-off in recent years. Gold Royalty (GROY), which was created by US GoldMining in June 2020, held an initial public offering in March 2021, raising $90M.
