Sinda, an exploration-stage silver miner with operations in Guanajuato, Mexico, raised $213 million by offering 17.8 million shares at $12, slightly below the midpoint of the $11.25 to $13.25 range. Cornerstone investor Franco-Nevada had indicated on $10 million worth of shares in the offering (5% of the deal), and Fresnillo had agreed to purchase up to $110 million worth of shares in a concurrent private placement.
Sinda is a silver exploration-stage company focused on the development of the Sinda Property in Guanajuato, Mexico. Backed by natural resources investment firm The Electrum Group, the company has not yet established a mine plan or commenced production. Operations to date have consisted primarily of exploration drilling and geological assessment of the property, which spans approximately 182 kilometers of identified mineralized strike length. The company has generated no revenue and has relied on funding from its sponsor to finance exploration activities.
The San Miguel de Allende, Mexico-based company will trade on the NYSE under the symbol SIND. Morgan Stanley, Scotia Capital, BMO Capital Markets, Canaccord Genuity, Citi, and RBC Capital Markets acted as joint bookrunners on the deal.
