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Silver Bow Mining (NYSE American: SBMT) closed an upsized initial public offering of 5,200,000 common shares at US$11.50 per share, raising $59,800,000 gross and approximately $54,600,000 net.
The company intends to use proceeds for surface and underground exploration, metallurgical test work, environmental baseline studies, NYSE American listing fees, salaries, professional fees, and general corporate purposes. Underwriters may purchase up to an additional 780,000 shares within 30 days to cover over-allotments.