Playfair Mining to Raise $1.8 Million and Consolidate Shares to Advance Nova Scotia Gold Project

The latest update is out from Playfair Mining ( (TSE:PLY) ).

Playfair Mining Ltd. plans to raise up to $1.8 million through a non-brokered private placement of up to 30 million units at $0.06 each under the Listed Issuer Financing Exemption, with each unit comprising one post-consolidation common share and a warrant exercisable at $0.15 for 24 months. The proceeds will fund general working capital and exploration at the Golden Circle Project, while the company’s board has also approved a one-for-three share consolidation that will reduce outstanding shares from about 141.3 million to roughly 47.1 million, both the financing and consolidation remaining subject to TSX Venture Exchange approval and positioning the company to strengthen its capital structure and advance its Nova Scotia gold exploration activities.

The most recent analyst rating on (TSE:PLY) stock is a Hold with a C$0.03 price target. To see the full list of analyst forecasts on Playfair Mining stock, see the TSE:PLY Stock Forecast page.

Spark’s Take on TSE:PLY Stock

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

The score is held back primarily by weak financial fundamentals (pre-revenue operations, ongoing losses, and persistent cash burn with volatile equity), partially offset by strong recent price momentum (above major moving averages with positive MACD). Valuation remains constrained by negative earnings and the absence of dividend support.

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

More about Playfair Mining

Playfair Mining Ltd. is a Canadian-based resource company focused on mineral exploration, currently active at its Golden Circle Project in Nova Scotia, a 76.47 square kilometre area that encompasses eight historic gold districts.

Average Trading Volume: 136,653

Technical Sentiment Signal: Buy

Current Market Cap: C$4.24M

See more data about PLY stock on TipRanks’ Stock Analysis page.