Silver47 Exploration (TSX-V:AGA) has boosted its previously announced placement to raise a total of C$20 million ($22.26 million) ahead of a portfolio-wide exploration campaign, following “strong” investor demand.
The company will issue up to 28.57 million units at C$0.70 per unit, each comprising one share and half a share purchase warrant.
One full warrant entitles holders to purchase an additional share at an exercise price of C$1 per share for three years from the closing date, which is expected on or around 16 September.
Research Capital is acting as the lead agent and bookrunner, under a syndicate of agents including Eventus Capital and Haywood Securities.
Agents will have the opportunity to further boost the offer by up to C$3 million until two days prior to the closing date, bringing the total raising to C$23 million.
As reported by Mining.com.au yesterday (26 August), the company first intended to raise C$14 million via this private placement.
The company intends to use funds across its portfolio of projects in the US and Canada, including its Red Mountain Project in Alaska.
Silver47 Exploration is a mineral explorer focused on the development of silver assets in North America.
Write to Maddison Elliott at Mining.com.au
Images: Silver47 Exploration
