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Garibaldi Resources ( (TSE:GGI) ) just unveiled an update.
Garibaldi Resources Corp. has clarified the details of its recent non-brokered private placement, correcting the number of units sold to 14,537,702 at $0.07 per unit, raising gross proceeds of $1,017,639.16. The offering was oversubscribed, and the proceeds will be used for exploration and working capital. Key insiders participated in the offering, which is exempt from certain regulatory requirements, highlighting the company’s ongoing strategic efforts to enhance its financial position and operational capabilities.
Spark’s Take on TSE:GGI Stock
According to Spark, TipRanks’ AI Analyst, TSE:GGI is a Underperform.
Garibaldi Resources faces significant financial challenges, reflected in its lack of revenue and ongoing losses. The technical analysis indicates a bearish trend with the stock trading below key moving averages and approaching oversold levels. The valuation is unattractive with a negative P/E ratio and no dividend yield. These factors combine to result in a low overall stock score.
To see Spark’s full report on TSE:GGI stock, click here.
More about Garibaldi Resources
Garibaldi Resources Corp. is a Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in prolific mining regions in British Columbia and Mexico.
Average Trading Volume: 42,257
Technical Sentiment Signal: Hold
Current Market Cap: C$12.38M
For an in-depth examination of GGI stock, go to TipRanks’ Overview page.