Silver Bow Mining, an exploration-stage mining company with projects in Montana, raised $60 million by offering 5.2 million shares at $11.50, the midpoint of the $10 to $13 range. The company offered 0.9 million more shares than anticipated. It originally filed to offer 3.7 million shares at $12 to $15, before it increased the share offering and decreased the range on April 21.
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.
The Butte, MT-based company will trade on the NYSE American under the symbol SBMT. Cantor Fitzgerald and Research Capital USA acted as joint bookrunners on the deal.
