Silver47 Exploration (TSX-V:AGA) is seeking to raise C$14 million ($15.58 million) through a brokered private placement to expedite exploration work across the company’s portfolio of projects in the US and Canada.
The company will issue up to 20 million units at $0.70 per unit, comprising one share and one-half purchase warrant for each unit subscribed.
Warrant holders will be entitled to acquire one share at C$1 for a period of three years from the closing date of the offer, which Silver47 expects on or around 16 September.
On behalf of a syndicate of agents such as Eventus Capital and Haywood Securities, Research Capital will act as the lead agent and bookrunner for this offering.
Agents have been granted an option to boost the offering with an additional C$2.1 million, available up until 48 hours prior to closing.
Silver47 will pay agents a cash commission equal to 6% of the offering’s gross proceeds, in addition to broker warrants under the same offer price as units to expire after a three year period.
In addition to funding exploration programs across its Red Mountain Project in Alaska, Hughes Project in Nevada, and Mogollon Project in New Mexico, funds will be used for general capital.
The company’s portfolio also consists of the Kennedy Project in Nevada, and its two Canadian assets, the Adams Plateau Project and Michelle Project.
Silver47 Exploration is a mineral explorer focused on developing silver deposits across North America.
Write to Maddison Elliott at Mining.com.au
Images: Silver47 Exploration
