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US gold mining (NYSEMKT:USGO), a spin-off of Canada’s GoldMining (New York Stock Exchange: GLDG), has updated the terms for a proposed $20 million initial public offering, which is expected to occur later this week.
The Alaska-based mining company plans to offer 2 million units at a price of $10 per unit. Each unit would consist of one share plus a warrant to buy one share for $13.
The company intends to list its shares on Nasdaq under the symbol USGO. HC Wainwright and BMO Capital Markets are acting as joint placement agents, according to the filing.
US GoldMining was established by GoldMining in February 2022 to focus on the development of its Whistler gold-copper exploration project located in the Yentna mining district outside of Anchorage, Alaska.
US GoldMining will be the second spin-off from GoldMining in recent years. The mining pool created Gold Royalty (GROY) in 2020, which later raised $90 million through an initial public offering in March 2021.
For more information on US gold mining, see “US Gold Mining Goals for US IPO Investment.” by Donovan Jones.