Silver Bow Mining Corp. Closes Its Upsized Initial Public Offering

Rhea-AI Summary

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.

Positive

• $59.8M gross proceeds from the IPO
• $54.6M net proceeds available to fund operations
• Clear allocation: exploration, metallurgical tests, environmental studies
• Listing on NYSE American (SBMT)

Negative

• Underwriters have option to add 780,000 shares, increasing dilution
• Use of proceeds includes broad general corporate and working capital purposes

Butte, Montana--(Newsfile Corp. - May 1, 2026) - Silver Bow Mining Corp. (NYSE American: SBMT) (the "Company"), a minerals exploration company focused on silver, zinc, gold, lead, and copper targets in Montana, announced today the closing of its upsized initial public offering (the "IPO") of 5,200,000 common shares in the capital of the Company ("Common Shares") at a public offering price of US$11.50 per Common Share, for a total of $59,800,000 in gross proceeds.

The net proceeds to the Company from the IPO, after deducting underwriting discounts and commissions and other offering expenses payable by the Company, were approximately US$54,600,000.

The Company currently intends to use the net proceeds it receives from the IPO to fund surface exploration drilling, underground rehabilitation and exploration tunnels, underground drilling, metallurgical test work, environmental baseline studies, NYSE American listing fees, salaries, professional fees and general corporate and working capital purposes.

Cantor acted as the lead book-running manager. Research Capital USA also acted as a book-running manager. Joseph Gunnar, Roth Capital, and R.F. Lafferty acted as co-managers.

The Company has granted the underwriters an option, exercisable in whole or in part at any time until the date which is 30 days following the closing of the IPO, to purchase up to an additional 780,000 Common Shares to cover over-allotments, if any, at the public offering price, less underwriting discounts and commissions.

A registration statement on Form S-1 relating to the IPO has been filed with the United States Securities and Exchange Commission and was declared effective on April 29, 2026. The IPO was made only by means of a final prospectus. Copies of the final prospectus relating to the IPO may be obtained from: Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022, or by email at prospectus@cantor.com or Research Capital USA Inc., Attention: Equity Capital Markets, 199 Bay Street, Commerce Court West, 45th Floor, Toronto, ON, M5L 1G2, by telephone at 416-860-8642, or by email at ecm@researchcapital.com.

Electronic copies of the registration statement and final prospectus are available on the SEC's website at www.sec.gov.

The Company has also obtained a receipt for a (final) base PREP prospectus filed with securities commissions or similar authorities in each of the provinces and territories of Canada, other than Québec, on April 29, 2026. A copy of the supplemented PREP prospectus, containing pricing information and other important information relating to the Company, the Common Shares and the IPO may be obtained, without charge, from Cantor Fitzgerald Canada Corporation, Attention: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, Ontario, Canada M5H 3M7, or by email at ecmcanada@cantor.com or from Research Capital Corporation, Attention: Equity Capital Markets, 199 Bay Street, Commerce Court West, 45th Floor, Toronto, ON, M5L 1G2, by telephone at 416-860-8642, or by email at ecm@researchcapital.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction. No securities regulatory authority has either approved or disapproved of the contents of this press release.

About Silver Bow Mining Corp.
Silver Bow Mining Corp. is a minerals exploration company focused on developing silver, zinc, gold, lead, and copper targets in the historically prolific Butte Mining District of Montana. The Company holds approximately 4,193 acres of patented mineral claims in this renowned district, positioning it to advance exploration and potential development in a key U.S. mining jurisdiction.

For more information, please contact:
Investor Relations
Silver Bow Mining Corp.
Email: ir@silverbowmining.com

Forward-Looking Statements
This press release contains statements that are forward-looking in nature, including statements regarding the intended use of proceeds from the IPO. The forward-looking statements are within the meaning of applicable securities laws. These statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us and involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including but not limited to, our intended use of proceeds and risks set forth in the "Risk Factors" section of our registration statement on Form S-1 as filed with the SEC and the (final) base PREP prospectus filed in each of the provinces and territories of Canada, other than Québec. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those expressed or projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295472

FAQ

How much did Silver Bow Mining (SBMT) raise in its May 1, 2026 IPO?

According to the company, the IPO raised $59,800,000 gross from 5,200,000 shares at $11.50 each. Net proceeds were approximately $54,600,000 after underwriting discounts and offering expenses, available for exploration and corporate uses.

What will Silver Bow Mining (SBMT) use the IPO proceeds for?

According to the company, proceeds will fund surface exploration, underground rehabilitation and drilling, metallurgical test work, and environmental baseline studies. Remaining funds will cover NYSE American listing fees, salaries, professional fees, and general corporate and working capital.

Can Silver Bow Mining (SBMT) issue more shares after the IPO?

Yes. According to the company, underwriters have a 30-day option to purchase up to 780,000 additional shares to cover over-allotments. Exercising that option would increase the total shares sold and raise additional proceeds at the offering price.

Who managed Silver Bow Mining's (SBMT) IPO and where is the prospectus available?

According to the company, Cantor acted as lead book-running manager with Research Capital USA and several co-managers. Electronic copies of the registration statement and final prospectus are available on the SEC website (www.sec.gov).

When was Silver Bow Mining's (SBMT) registration statement declared effective?

According to the company, the Form S-1 registration statement was declared effective on April 29, 2026. The IPO closed on May 1, 2026, and final prospectus copies can be requested from the listed syndicate contacts.