US Gold raises $44 million through public offering of common stock

Wed. May 20, 2009; Posted: 02:25 PM

May 20, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- UXG | Quote | Chart | News | PowerRating -- US Gold Corporation, a US-based gold exploration company, has completed its public offering of 22 million shares at a price of $2 per share, raising gross proceeds of $44 million.

Update on May 12, 2009:

US Gold has priced its public offering of 22 million shares at a price of $2 per share.

The company has increased the size of the public offering from 20 million shares to 22 million shares. The company has granted the underwriters a 30-day option to purchase up to 3.3 million additional shares of common stock to cover over-allotments, if any. The offering is expected to close on May 19, 2009.

Announcement (April 29, 2009):

US Gold is planning to issue 20 million shares of its common stock through public offering. US Gold intends to grant the underwriters a 30-day option to purchase up to 3 million additional shares of common stock to cover over-allotments.

GMP Securities L.P. and Dahlman Rose & Company, LLC are acting as joint book-runners for the offering.

Deal Value (US$ Million) 44
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-05-19

Deal Participants

Target (Company) US Gold Corporation

Deal Rationale

US Gold intends to use the net proceeds of the offering to fund its ongoing exploration programs in Nevada and Mexico, to pay property and other holding costs in Nevada and Mexico, and for general corporate purposes.

Offer Price ($ per share) 2
No. Shares Issued         22000000

For full details on US Gold Corporation (UXG) click here. US Gold Corporation (UXG) has Short Term PowerRatings of 5. Details on US Gold Corporation (UXG) Short Term PowerRatings is available at This Link.

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