Guardian Metal Resources prices upsized $60m US public offering

20th Mar 2026 12:04

(Sharecast News) - Guardian Metal Resources priced an upsized initial public offering in the United States on Friday, raising about $60m as it looked to expand its investor base and fund development of its tungsten assets in Nevada.

The AIM-traded exploration company said it will issue 4,444,400 American Depositary Shares, representing 22,222,000 new ordinary shares, at a price of $13.50 per ADS.

All shares in the offering were being sold by the company, with proceeds subject to underwriting discounts, commissions and other expenses.

The ADSs were expected to begin trading on the NYSE American on 20 March under the ticker 'GMTL', with completion of the offering scheduled for 24 March, subject to customary conditions.

Guardian Metal said it had also granted underwriters a 45-day option to purchase up to an additional 666,660 ADSs.

BMO Capital Markets was acting as lead book-running manager on the transaction, alongside Cantor Fitzgerald as joint bookrunner, with DA Davidson and Berenberg Capital Markets serving as co-managers.

Tamesis Partners was advising the company on capital markets.

In connection with the listing, Guardian Metal said it would seek admission of the new shares to trading on AIM, also expected on or around 24 March.

Following admission, the company's issued share capital would comprise 190,950,216 ordinary shares, which would represent the total voting rights for disclosure purposes.

The firm noted that the US registration statement for the offering became effective on 19 March, with the transaction being conducted by way of a prospectus filed with the Securities and Exchange Commission.

At 1224 GMT, shares in Guardian Metal Resources were down 0.45% at 219p.

Reporting by Josh White for Sharecast.com.

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