Mining company MAC has announced plans to issue 1,827,096 ordinary shares at $11 each to accredited investors via private placement financing. The company's objective is to raise around $20 million, which will be funneled into accelerating operations at the CSA copper mine, bolstering working capital, and addressing other corporate needs. Mick McMullen, MAC's CEO, praised the initiative as a robust endorsement from existing shareholders and a step towards unlocking latent value at the CSA mine. This move is being jointly managed by Scotiabank and Ashanti Capital. It's important to note that these ordinary shares are not registered under the Securities Act of 1933, which means they cannot be traded in the U.S. without either registration or an exemption.
This decision comes at a time when MAC's stock price movements have been quite volatile, and the company has been trading at a high EBIT valuation multiple, according to InvestingPro Tips. It's also noteworthy that the company's short-term obligations exceed its liquid assets, and analysts do not anticipate the company will be profitable this year. Despite these challenges, MAC has managed to maintain dividend payments for 30 consecutive years, a testament to its resilience.
In terms of real-time metrics from InvestingPro, MAC's adjusted market cap stands at 2540M USD, with a negative P/E ratio of -27.68. The company's revenue for LTM2023.Q2 stands at 826.48M USD, with a slight decline in revenue growth at -1.33%. Despite these figures, MAC has managed to maintain a healthy dividend yield of 6.17%.
In other market news, Israeli cannabis-derived pharmaceuticals developer SciSparc Ltd. concluded a $5.026 million private placement with an institutional investor last Friday. This transaction resulted in the issuance of 1,930,108 units, each comprising two pre-funded, immediately exercisable warrants valid for five years from the issuance date. Following formal notification from Nasdaq on Monday, SciSparc confirmed it had resolved its bid price deficiency issue and regained compliance with Nasdaq's minimum bid price rule.
In the face of potential volatility due to regional conflict, SPRC shares experienced a significant increase on Tuesday. Data from Benzinga Pro reveals that SPRC shares surged by 111% to $5.94 amidst heavy trading volume; over 16 million shares were traded, far exceeding the 100-day average of 379 thousand shares.
Mirroring these upward market trends, Snap Inc (NYSE:SNAP).'s stock is also on a positive trajectory. For more insightful tips and real-time metrics on companies like MAC, consider checking out InvestingPro, which offers a wealth of additional tips and information to help you make informed investment decisions.
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