United States Antimony soars to all-time high on $25M financing

United States Antimony (NYSE-A: UAMY) soared to an all-time high after the Texas-based critical minerals developer announced a $25 million share placement with an unnamed mutual fund investor at above-market prices under NYSE rules.The offering, led by American Capital Partners, comprises approximately 2.38 million shares of UAMY for proceeds of $25 million, which would give them an average price of $10.51 apiece. The share placement is expected to close on Oct. 14.UAMY opened the Friday session at $12.00 before surging to a new high of $12.27 a share, taking its market capitalization to $1.6 billion.With this offering, the company said it has now raised a total of $69.25 million in three financing tranches with two large institutions over the last 45 days, at increasingly higher share prices.“While we have not solicited these institutions, we have attempted to take advantage of the opportunity in the best way possible for the benefit of our shareholders. These capital raises have been completed with minimal or no discounts to market,” UAMY chairman and CEO Gary Evans commented.Founded decades ago, US Antimony produces various forms of antimony (oxide, metal and trisulfide) through processing third-party ore at two facilities, one in Montana and another in Mexico. Its smelters represent the only two in North America with long-standing capacity to process the critical mineral used in various defense and high-tech applications. In addition to antimony, they also produce zeolite and precious metals.The proceeds of the latest offering, according to the company, will be used for a number of initiatives, such as adding to antimony and other critical mineral inventory, increasing its leasehold mineral positions in both Alaska and Montana, and expanding the capacity at its Madero smelter in Mexico.The financing follows a $245 million contract awarded by the US Defense Logistics Agency (DLA) for its supply of antimony metal ingots for the national defense stockpile.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com