Question: High Mountain Mining wants to expand its current operations and requires $2.7 million in additional funding to do so. After discussing this with key shareholders,

High Mountain Mining wants to expand its current operations and requires $2.7 million in additional funding to do so. After discussing this with key shareholders, the firm has decided to raise the necessary funds through a rights offering at a subscription price of $20 a share. The current market price of the firm's stock is $22.70 a share. How many shares of stock will the firm need to sell through the rights offering to fund the expansion plans? (Round up to the next whole share.)

140,015 shares

118,943 shares

126,667 shares

135,000shares

105,689 shares

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