- Montage Gold (MAU) has begun trading on the TSX Venture Exchange today following the completion of its C$30 million initial public offering
- The Vancouver-based precious metals explorer issued 27,272,728 common shares at a price of $1.10 each
- Raymond James Ltd and Stifel GMP acted as co-lead underwriters for the offering, which also included a 15 per cent over-allotment option
- Included within a portfolio of projects is the Morondo Gold Project, which the company is now looking to advance
- Montage Gold (MAU) is currently down 8 per cent to $1.15 per share at 1:09pm EDT
Montage Gold (MAU) has begun trading on the TSX Venture Exchange today following the completion of its C$30 million initial public offering.
Pursuant to an announcement dated October 20, 2020, the Vancouver-based precious metals explorer issued a total of 27,272,728 common shares at a price of $1.10 each.
The offering was co-lead by Raymond James Ltd and Stifel GMP on behalf of a syndicate that also included BMO Nesbitt Burns, Canaccord Genuity, Beacon Securities, Cormark Securities and Sprott Capital Partners.
The underwriters were also granted an over-allotment option to acquire an additional 15 per cent of the offering at the same price of $1.10 per share, exercisable within the next 30 days.
With the listing now complete, Hugh Stuart, CEO of Montage Gold, said the company is now looking to advance its Morondo Project, located roughly 350 kilometres north-west of Yamoussoukro, the political capital of Côte d’Ivoire.
“Having been involved in this project off and on for the last 12 years it is extremely satisfying that we have now fitted the Morondo Gold Project along with a significant portfolio of other exploration permits and permit applications in Côte d’Ivoire into a vehicle that has both the will and backing to move it forward aggressively.
“On behalf of the Board and Management I would like to thank both existing and new shareholders for the strong show of support demonstrated by the success of the offering and the fact that it was significantly over‐subscribed,” he added.
Montage Gold (MAU) is currently down 8 per cent to $1.15 per share at 1:09pm EDT.