AR Outperform Rating Reiterated at BMO Capital Markets 2022-07-07 11:16:54 AM ET (MT Newswires)
11:16 AM EDT, 07/07/2022 (MT Newswires) -- BMO Capital Markets on Thursday reiterated its outperform rating on the shares of Argonaut Gold (AR.TO) with a C$1.50 price target as it resumed coverage of the miner.
"We are resuming coverage following a period of research restriction owing to Argonaut Gold's debt and equity financings announced on June 23," analyst Brian Quast said in a note. "Argonaut raised gross proceeds of C$195.3M via the issuance of 434M shares, and has secured an additional US$250M of debt financing. We have updated our model to account for the added cash and share dilution, which had a negative impact on our NAV (now US$1.28/sh, down from US1.78/sh). Proceeds from the financings will be used to continue the development of the Magino Project."