Perpetua Resources Corp. (PPTA) shares plummeted 5.66% in pre-market trading on Monday, following the company's announcement of a public offering of 3.4 million shares of its common stock.
The offering, being led by joint book-running managers BMO Capital Markets and National Bank of Canada Financial Markets, is expected to raise around $36.5 million based on Perpetua's last closing price. The company plans to use the proceeds to make down payments on long lead time materials and detailed engineering for its Stibnite gold project.
Perpetua Resources, which has a market capitalization of around $707.4 million with 66.6 million outstanding shares, has seen its stock price more than triple so far this year. However, the dilutive impact of the new share offering appears to have weighed on the stock in early trading on Monday.
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