Iconic Minerals Raises $3.75 Million to Advance Nevada Gold Exploration

Iconic Minerals ( (TSE:ICM) ) just unveiled an announcement.

Iconic Minerals Ltd. has closed a non-brokered private placement raising gross proceeds of $3.75 million through the issuance of up to 30 million units priced at $0.125, each comprising one common share and one warrant exercisable at $0.17 for two years, with an acceleration clause tied to share price performance. The funds will be directed primarily to drilling and advancing exploration at the company’s New Pass gold property in Nevada and for general working capital, while certain finders are being compensated with cash and finder warrants; the financing remains subject to final TSX Venture Exchange approval and all securities issued are subject to a four-month-plus-one-day hold period in Canada.

The most recent analyst rating on (TSE:ICM) stock is a Hold with a C$0.24 price target. To see the full list of analyst forecasts on Iconic Minerals stock, see the TSE:ICM Stock Forecast page.

Spark’s Take on TSE:ICM Stock

According to Spark, TipRanks’ AI Analyst, TSE:ICM is a Neutral.

The score is held back primarily by weak financial performance (no revenue, ongoing losses and cash burn, and a shrinking equity base despite zero debt). Technicals are a relative positive with an established uptrend and supportive momentum, but valuation is constrained by negative earnings and no dividend support.

To see Spark’s full report on TSE:ICM stock, click here.

More about Iconic Minerals

Iconic Minerals Ltd. is a Vancouver-based mineral exploration company focused on advancing precious metal projects, including its New Pass gold property in Nevada. The company is listed on the TSX Venture Exchange, the OTCQB, and the Frankfurt Stock Exchange, targeting growth through exploration and development of its resource assets.

Average Trading Volume: 1,120,948

Technical Sentiment Signal: Buy

Current Market Cap: C$38.88M

Learn more about ICM stock on TipRanks’ Stock Analysis page.