Snow Lake Resources drops on planned $50 mln share sale

Frontier Nuclear and Minerals

21/04/2025 14:28

**  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

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))