Perpetua Resources Corp. (PPTA) shares dropped 19.41 percent, or $3.20 on Thursday, after the company announced an upsized bought deal offering. The company will now issue over 24.6 million shares at $13.20 each, raising approximately $325 million. The Offering is expected to close on or about June 16.
The stock is currently trading at $13.29, down from a previous close of $16.49 on the Nasdaq. It opened at $13.59 and has traded between $12.85 and $13.70 so far today, with volume reaching 8.48 million shares.
Perpetua shares have ranged from $5.01 to $17.96 over the past 52 weeks. The sharp decline reflects investor dilution concerns despite strong institutional interest in the offering.
The offering, led by National Bank of Canada Financial Markets and BMO Capital Markets, also includes a $100 million private placement with Paulson & Co. Inc.
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