U.S. Gold (USAU) provided an update regarding the exercises of previously issued warrants subsequent to the Company’s latest Form 10-Q filing for the three months ended January 31 filed on March 17. At January 31 the Company reported 4,788,112 warrants outstanding. Since then, the Company has benefited from the exercise of 1,864,668 warrants, generating gross proceeds for the Company of approximately $7.3M. The exercises represent an approximate 39% reduction in warrants outstanding, decreasing the remaining balance to 2,923,444 warrants. Eric Alexander, U.S. Gold’s CFO, commented on the recent warrant exercises, “The cash received from these warrant exercises provides the Company extra leeway to carry out its current planned activities of completing a Feasibility Study, developing a project execution plan, advancing financing discussions, and providing funds for elements of the project infrastructure. The reduction in the outstanding warrants helps to limit the overhang of dilutive securities. We appreciate the continued support of all our shareholders as we navigate down the development path on our flagship asset, the CK Gold Project in Southeast Wyoming.”
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on USAU: