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San Lorenzo Gold Corp ( (TSE:SLG) ) just unveiled an update.
San Lorenzo Gold Corp has completed the second and final closing of its upsized private placement, issuing 5,567,193 units for gross proceeds of about $3.45 million and bringing total funds raised in the offering to nearly $6 million. Each unit consists of one common share and half a warrant, with full warrants exercisable at $0.80 for two years, while brokers received cash commissions and broker warrants exercisable at the same price for one year. The proceeds will be used to continue exploration at the Salvadora property in Chile and for general working capital, and the securities are subject to a standard hold period pending final TSX Venture Exchange acceptance. Separately, San Lorenzo has amended its advisory engagement with Argonaut Corporate Finance by granting 1,000,000 stock options exercisable at $0.80 for two years in lieu of previously contemplated advisory warrants, aligning compensation with the company’s equity and subject to exchange approval.
The most recent analyst rating on (TSE:SLG) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on San Lorenzo Gold Corp stock, see the TSE:SLG Stock Forecast page.
Spark’s Take on TSE:SLG Stock
According to Spark, TipRanks’ AI Analyst, TSE:SLG is a Neutral.
The score is held down primarily by very weak financial performance (pre-revenue, persistent losses, and ongoing cash burn with increasing leverage). Technical momentum is a positive offset with the stock trading above key moving averages and a positive MACD, but valuation remains challenged due to negative earnings and no dividend support.
To see Spark’s full report on TSE:SLG stock, click here.
More about San Lorenzo Gold Corp
San Lorenzo Gold Corp is a mineral exploration company focused on advancing its flagship Salvadora property in Chile’s prolific mega-porphyry belt. The company is targeting significant gold and copper enriched epithermal and/or porphyry-style systems, with a phase 6 drilling program underway on two of five identified targets following encouraging results from previous drilling on four different targets.
Average Trading Volume: 148,403
Technical Sentiment Signal: Buy
Current Market Cap: C$70.44M
See more data about SLG stock on TipRanks’ Stock Analysis page.