U.S. Gold Corp slides on direct stock deal

US Gold

05/04/2023 14:12

** U.S. Gold Corp's  USAU.O  shares down ~11% at $6.30
premarket after co raises equity
    ** Gold and copper developer says a single institutional
investor agrees to buy 870,000 shares at $5.75 for gross raise
of ~$5 mln in direct offering
    ** Investor also buys 5-yr warrants to purchase 870,000
shares at exercise price of $6.16
    ** USAU shares on Tues closed up 10.9% at $7.08 after over
14% gain on Mon
    ** Stock has surged 73% over the past month
    ** Co has ~8.73 mln shares outstanding and ~7.43 mln shares
of free float, per Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))