Tahoe Resources IPO funds Guatemalan Silver Mine Purchase

The Reno Nevada based company, Tahoe Resources, Inc. when public the other day to help fund acquisitions of mines that will increase revenue and margins for the resource company.

They’ve gone through with the sale of 58 million shares at C$6 a share to raise enough money to purchase a silver mine in Guatemala for $330 million USD. The IPO represented selling on the open market a 56 percent stake in the company which now, with this IPO has a market cap of C$624.

The company will be traded on the Toronto Stock Exchange under the symbol THO. The purchase of the silver mine was made from Goldcorp, the world’s second-largest gold producer based on market cap.