Dakota Gold loses shine after $75 mln stock offering launch
Dakota Gold DC.A shares down 5.8% in extended trading to $6.21 as it looks to raise equity
Lead, South Dakota-based gold miner launches $75 mln stock offering
Co intends to use net offering proceeds for working capital and other general corporate purposes
BMO and Scotiabank are lead bookrunners
Dakota has over 48 thousand acres surrounding Homestake Mine in South Dakota and an option to acquire 4,261 acres of surface rights with attendant facilities and data held by Homestake Mining Company, a wholly owned subsidiary of Barrick Mining ABX.TO
With ~116.2 mln shares outstanding, per the prospectus, Dakota has roughly $770 mln market cap
DC shares on Mon closed up 9.3% at $6.59, up 16% YTD. Stock has more than doubled over the past 12 months
All four analysts rate shares "buy"; median PT is $9.88, per LSEG data
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