St. Joe Gold Raises $39 Million With Stocks

St. Joe Gold Corp., a wholly owned subsidiary of the Irvine-based Fluor Corp., raised $39 million in its initial public offering of 3 million shares of common stock. Proceeds from the offering will be used primarily to finance exploration and development of precious metal mines in the United States and Canada. Judy Caschiolini, vice president of syndicate marketing for Smith Barney, Harris Upham & Co., the lead underwriter for the offer, said “the deal was totally sold and oversubscribed” when the St. Joe stock became available at noon Thursday on the American Stock Exchange. However, in its first full day of trading, Caschiolini said, the price of St. Joe’s stock suffered from a drop in the price of gold. St. Joe Gold closed at $12.625 a share Friday, down 25-cents from Thursday’s closing price.