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The latest update is out from Versamet Royalties Corp. ( (TSE:VMET) ).
Versamet Royalties has closed a C$141.6 million bought deal public offering of 10.3 million common shares at C$13.75 each, led by a syndicate including BMO Capital Markets and National Bank Financial. The company also expects to complete a concurrent non-brokered private placement with strategic shareholder Tether Investments for approximately C$21.7 million, lifting Tether’s anticipated stake to about 12.7% of outstanding shares.
Management says the financing broadens Versamet’s global institutional investor base and significantly boosts financial flexibility to pursue future royalty and streaming acquisitions. Net proceeds from the offering and private placement will be used to repay debt, fund new deals and for general corporate purposes, reinforcing the company’s balance sheet and its capacity to expand its portfolio of precious metals assets.
The most recent analyst rating on (TSE:VMET) stock is a Buy with a C$17.00 price target. To see the full list of analyst forecasts on Versamet Royalties Corp. stock, see the TSE:VMET Stock Forecast page.
More about Versamet Royalties Corp.
Versamet Royalties Corporation is an emerging mid-tier precious metals royalty and streaming company focused on acquiring high-quality assets to drive long-term per-share value. The Vancouver-based firm, listed on the Toronto Stock Exchange under the symbol VMET, targets exposure to precious metals production through royalties and streaming contracts rather than direct mine operation.
Average Trading Volume: 53,918
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$481.6M
Learn more about VMET stock on TipRanks’ Stock Analysis page.