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Iconic Minerals ( (TSE:ICM) ) just unveiled an announcement.
Iconic Minerals Ltd. has received final acceptance from the TSX Venture Exchange to close its previously announced non-brokered private placement, raising gross proceeds of up to $3.75 million through the issuance of up to 30 million units priced at $0.125, each comprising one common share and a warrant exercisable at $0.17 for two years, subject to an acceleration clause. The company plans to use the funds primarily to finance drilling and advancement of its exploration program at the New Pass gold property in Nevada and for general working capital, while paying eligible finders a combination of cash and finder warrants under TSXV policies, reinforcing its ability to progress key gold exploration assets without relying on U.S. capital markets.
The most recent analyst rating on (TSE:ICM) stock is a Sell with a C$0.25 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 down primarily by weak financial performance (no revenue, ongoing losses, and negative free cash flow with a shrinking equity base), partially offset by strong technical momentum (price above key moving averages and positive MACD). Valuation remains unattractive/unclear due to losses 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 operates in the mining and exploration industry, targeting resource development and value creation through drilling and exploration programs in North America.
Average Trading Volume: 1,261,916
Technical Sentiment Signal: Buy
Current Market Cap: C$41.21M
For a thorough assessment of ICM stock, go to TipRanks’ Stock Analysis page.