Silver47 Exploration (TSX-V:AGA) has raised C$23 million ($25 million) through a private placement to fund further exploration across the company’s portfolio of assets in North America.
The company will issue units at a price of C$0.70 per unit, which comprises one share and one-half purchase warrant.
Each warrant entitles the holder to purchase an additional share at a price of C$1, exercisable until 16 September 2028.
Research Capital acted as the lead agent and bookrunner for this placement on behalf of a syndicate of agents, which includes Eventus Capital and Haywood Securities.
The agents received an aggregate cash commission of C$1.19 million, as well as 1.7 million broker warrants, which entitles the holder to acquire an additional share at a price of C$0.70 per share until the same expiry date.
One Silver47 director subscribed into this placement for 100,000 units, which contributed C$70,000 of the total proceeds raised.
As previously reported by Mining.com.au, Silver47 originally intended to raise C$14 million in this placement before boosting the raising to a total of C$20 million.
The close of this placement represents “strong” investor demand for the oversubscription, leaving the company with a total of C$23 million raised.
Silver47 Exploration is a mineral explorer with a key focus on developing its silver assets located in North America.
Write to Maddison Elliott at Mining.com.au
Images: Silver47 Exploration
