Snow Lake Resources drops on planned $50 mln share sale

Shares of Snow Lake Resources LITM.O drop 16% to $0.35 premarket as uranium and lithium miner looks to raise equity

Canadian-based firm late Thurs filed up to $50 mln ATM ("at-the-market") share offering with ThinkEquity as sales agent

Co plans to use net proceeds from any sales for general corp purposes and working capital

With ~101.7 mln shares outstanding, co has ~$42 mln market cap

Australia's Nova Minerals Ltd NVA.AX owned ~36.29% of the co's shares, as of the date of the filing

Through last close on Thurs, LITM shares had shed 57% YTD

Co went public in Nov 2021 IPO priced at $7.50