Silver Bow Mining, an exploration-stage mining company with projects in Montana, revised terms for its upcoming IPO on Tuesday.
The Butte, MT-based company now plans to raise $50 million by offering 4.3 million shares at a price range of $10 to $13. The company had previously filed to offer 3.7 million shares at a price range of $12 to $15. At the midpoint of the revised terms, Silver Bow Mining will raise the same amount in proceeds than previously anticipated.
The company owns approximately 3,347 acres in patented mineral claims in Silver Bow County, Montana, and is focused on silver, zinc, gold, lead, and copper. Silver Bow Mining's primary mineral claim property is called the Rainbow Block, which is composed of approximately 878 acres of mineral rights, and is its only material property under active exploration and development. In addition to Rainbow Block, the company has approximately 2,469 acres of mineral rights in Silver Bow County, represented by the Marget Ann Block, the Goldsmith Block, the Travona Block and the Emma Block. Silver Bow Mining has yet to generate revenue.
Silver Bow Mining was founded in 2020. It plans to list on the NYSE American under the symbol SBMT. Cantor Fitzgerald, Research Capital USA, Joseph Gunnar, Roth Capital, and R.F. Lafferty & Co. are the joint bookrunners on the deal.
