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Soma Gold ( (TSE:SOMA) ) has provided an announcement.
Soma Gold Corp. announced a non-brokered private placement offering of up to 13,043,478 units at C$1.15 per unit for gross proceeds of up to C$15 million, with an option to increase by 15%. The proceeds will support mill expansion, ore sorting infrastructure, exploration, and development of the Nechi mine. The company plans to convert C$10 million of insider-held debt into equity, demonstrating strong insider support. This initiative is expected to accelerate Soma’s growth strategy, enabling it to achieve production targets sooner and at a lower long-term cost.
Spark’s Take on TSE:SOMA Stock
According to Spark, TipRanks’ AI Analyst, TSE:SOMA is a Outperform.
Soma Gold’s overall score is bolstered by strategic corporate developments and strong financial performance, despite some risks in technical indicators and reliance on debt. The recent acquisition and environmental achievements suggest potential for future growth and improved market standing.
To see Spark’s full report on TSE:SOMA stock, click here.
More about Soma Gold
Soma Gold Corp. is a profitable mining company focused on gold production and exploration. The company owns over 43 square kilometers of mineral concessions along the OTU fault in Antioquia, Colombia, and operates two fully permitted mills within 25 kilometers of each other.
Average Trading Volume: 116,895
Technical Sentiment Signal: Buy
Current Market Cap: C$116.7M
For an in-depth examination of SOMA stock, go to TipRanks’ Overview page.