Silver Mines (ASX:SVL) has received firm commitments for a $70 million placement from institutional and sophisticated investors to progress its Bowdens Silver Project.
The placement comprises roughly 482.76 million new shares issued at $0.145 per share, representing a 10.0% discount to the five-day volume-weighted average price to 18 September 2026.
Tranche one involves around 277.73 million unconditional shares issued under existing capacity, set to settle on 28 September 2026 and allot on 29 September 2026.
Meanwhile, tranche two comprises approximately 204.36 million shares to institutional investors and 689,656 shares to directors, subject to shareholder approval at the annual general meeting on 26 November 2026, with settlement scheduled for 2 December 2026.
Managing Director Jo Battershill says the placement provides a ‘strengthened’ funding position for Silver Mines.
“The placement provides us with … greater certainty as we continue to progress Bowdens through the development consent and engineering processes, while also allowing us to maintain momentum across our broader exploration portfolio,” Battershill says.
The company intends to deploy the funds to support development consent approvals, the cash consideration for acquiring the Fitzroy Royalty and Asia Metals Royalty, ongoing community and freehold purchases, exploration across the Calico North and Kramer Hills projects in the US, and general working capital.
Petra Capital acted as sole lead manager and sole bookrunner for the transaction, with Morgans Corporate as co-manager.
Silver Mines is focused on acquiring, exploring, and developing silver assets.
Write to Paula Fabe at Mining.com.au
Main image: Silver Mines
