Antimony Initiates Direct Offering of Common Shares
United States Antimony Corporation (NYSE:UAMY) shares declined Wednesday. The company, purporting to be a leading producer and processor of antimony, zeolite, and other critical minerals, today announced that it has entered into a securities purchase agreement for aggregate proceeds of $18 million with a single fundamental global institutional investor.
The Company intends to use the net proceeds from the equity raised today in some of the following areas:
• Working Capital
• Acquisition of additional antimony inventory from international sources
• Further expansion of our existing leasehold mineral position in Alaska associated with antimony
• Potential acquisitions of one or more other critical mineral companies or specific properties currently under review by management
• Potential expansion of the Madero Smelter in Mexico above its 200 tons per month nameplate capacity
Commenting on the offering, CEO Gary C. Evans stated, "In an effort to broaden our institutional ownership since the beginning of this year, we have been telling our unique company story and position in the marketplace.
“Due to the size of this particular institution and their stellar reputation, we made the decision to sell them four million shares of our common stock. This has in-turn raised our cash balance by approximately $18 million, less expenses."
UAMY shares gave up 19 cents, or 3.9% to $4.75.
