Lannister Mining, a Canada-based mining company with an exploration-stage project in Montana, raised the proposed deal size for its upcoming IPO on Thursday.
The Vancouver, Canada-based company now plans to raise $15 million by offering 3 million shares at a price range of $4 to $6. The company had previously filed to offer 2 million shares at the same range. At the midpoint of the revised deal size, Lannister Mining will raise 50% more in proceeds than previously anticipated and command a market cap of $40 million (+14% versus previous terms).
Because the company is expected to have a market cap of less than $50 million at pricing, Lannister Mining will be excluded from Renaissance Capital's IPO stats.
Lannister Mining was founded in 2020. It plans to list on the NYSE American under the symbol DRIL. Joseph Gunnar and Research Capital USA are the joint bookrunners on the deal.
