Silver47 Exploration (TSX-V:AGA) has completed its merger with Summa Silver (TSX-V:SSVR), now continuing operations under its name with an expanded portfolio of silver assets spanning the US.
Summa shareholders have been issued 0.452 shares in the combined company per each share previously held, as the now subsidiary of Silver47 anticipates to be delisted from the TSX Venture Exchange at market close on 5 August.
Shareholder of both companies, Eric Sprott, has boosted his total Silver47 holdings to 11.5% as Summa Silver delists.
Sprott previously held 22.97 million shares and 3.38 million warrants in Summa, as well as 5.5 million shares and 750,000 warrants in Silver47, now with an accumulated 15.88 million shares and 2.28 warrants in the merger.
By combining assets, Silver47 now holds a resource estimate of around 10 million ounces silver equivalent at 333 grams per tonne silver equivalent indicated and 236 million ounces silver equivalent at 334g/t silver equivalent inferred.
CEO Galen McNamara says this merger has presented Silver47 as a “premier” silver explorer and developer in the US.
“Uniting projects in Alaska, Nevada, and New Mexico cumulatively hosting well over 200 million silver equivalent ounces with clear upside potential, we’re poised to benefit from a renewed interest in the US mineral development at a time when the importance of domestic production has returned to the national spotlight,” McNamara says.
“With a talented team, strong cash position, and support from our shareholders, we plan to aggressively drive exploration, growth, and development.
The combination enhances our scale and visibility in an emerging silver and critical metals market, positioning us to advance our vision and deliver ongoing value to shareholders.”
Silver47 Exploration is a Canadian silver explorer, focused on diversifying its portfolio of projects across the US.
Write to Maddison Elliott at Mining.com.au
Images: Silver47 Exploration
