AUMN Golden Minerals target lowered to $85.17 at Dahlman Rose (24.25 +4.95)
Dahlman Rose lowers their AUMN tgt to $85.17 from $104 after the co announced a $75 mln bought deal equity financing. Firm notes proceeds are to be used for development and exploration properties, working capital, and general corporate purposes. Firm notes based on the new fully diluted share count of 13.8 mln shares and the estimated net proceeds for the issuance (not including the execution of the over-allotment option), they have adjusted their valuation. Firm says the new financing should be sufficient to bring the Company's El Quevar asset to production.
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