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Perpetua Resources Corp. (NASDAQ:PPTA) announced Monday that it has completed the sale of 3,693,300 additional common shares after underwriters exercised their option in full on July 10. The shares were issued at $13.20 each, generating approximately $49 million in additional gross proceeds. The stock has shown strong momentum, gaining over 12% in the past week and trading near $14.66, according to InvestingPro data.
This transaction follows a previously disclosed underwritten offering of 24,622,000 common shares at the same price, conducted under an amended and restated underwriting agreement with National Bank Financial Inc. and BMO Capital Markets Corp., as representatives of the underwriters. The agreement also included an option for underwriters to purchase additional shares within 30 days of the offering’s close.
With the closing of the option share sale on Monday, the company reported that the total gross proceeds from the offering, combined with a concurrent $100 million private placement of 7,575,757 common shares to Paulson & Co. Inc., have reached approximately $474 million.
The information is based on a press release statement included in Perpetua Resources’ recent filing with the Securities and Exchange Commission.
In other recent news, Perpetua Resources has raised approximately $49 million through the full exercise of an option to purchase additional shares, bringing total gross proceeds to around $474 million. This follows the company’s $325 million public offering and a $100 million private placement with Paulson & Co. Inc. The funds are intended to support the development of the Stibnite Gold Project in Idaho. H.C. Wainwright has reiterated its Buy rating for Perpetua Resources with a price target of $27.50, underscoring confidence in the company’s financial moves. Perpetua has also secured an additional $6.9 million in defense funding from the U.S. Army, aimed at developing a domestic antimony trisulfide supply. This funding complements the $15.5 million awarded in August 2023, as the company continues to advance its strategic partnership with the Department of Defense. The Stibnite Gold Project is positioned to meet a significant portion of U.S. antimony demand, a critical mineral for defense applications.
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