US Gold raises $7.3M from warrant exercises for project development
Last updated: 12:10 09 May 2025 EDT, First published: 10:10 09 May 2025 EDT
US Gold Corp (NASDAQ:USAU) said on Friday it has raised about $7.3 million in gross proceeds from the recent exercise of warrants, bolstering its cash position as it advances development of its flagship CK Gold Project in southeast Wyoming.
The company said 1.86 million warrants have been exercised since the end of January, reducing the total outstanding warrants by about 39% to 2.92 million.
"The cash received from these warrant exercises provides the company extra leeway to carry out its current planned activities of completing a Feasibility Study, developing a project execution plan, advancing financing discussions, and providing funds for elements of the project infrastructure," said CFO Eric Alexander.
He added that the reduction in outstanding warrants also helps limit the overhang of dilutive securities.
As of January 31, US Gold had reported 4.79 million outstanding warrants.
Beyond the CK Gold Project, the company said it continues to monitor opportunities to advance its Keystone exploration property in Nevada and the Challis Gold Project in Idaho, potentially allocating some of the new funds to those efforts.
Shares of US Gold gained 7.6% to trade at around $11.48 on Friday.
