Dakota Gold slides on $75 mln stock sale
Dakota Gold DC.A shares down 7.4% premarket at $6.10 after overnight follow-on priced
Lead, South Dakota-based gold miner late Mon sold ~12.3 mln shares for approx $75 mln gross raise
Offering price equates to around $6.08, which is 7.7% discount to stock's last sale
Co intends to use net offering proceeds for working capital and other general corporate purposes
BMO and Scotiabank joint 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 subsidiary of Barrick ABX.TO
Dakota has ~116.2 mln shares outstanding, per the prospectus
DC shares on Mon rose ~9%, putting them up 16% YTD. Stock closed at $3.12 a year ago
All 4 analysts rate the stock "buy"; median PT $9.88, per LSEG data
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