Silver North Resources (TSX-V:SNAG) has increased its brokered private placement once again to raise up to C$10.6 million ($11.41 million), following investor demand.
The company first announced its intention to raise up to C$5 million last week, as reported by Mining.com.au. The initial conditions saw Silver North issuing 5 million units at a price of C$0.40 per unit.
As reported, Silver North then brought its total raising to C$7 million, under the same conditions.
The offering will now raise up to C$10.6 million, issuing 5 million units at the same issue price and up to 15.33 million flow-through units at a price of C$0.56 per charity flow-through unit.
Units comprise one common share and one-half of one purchase warrant, while flow-through units comprise one flow-through share and one-half of one warrant.
Each warrant deemed in this placement will entitle the holder to purchase an additional share at a price of C$0.56 over a period of three years.
Red Cloud is acting as the sole agent and bookrunner for this placement.
Funds will be used for exploration and related programs at the Haldane and Veronica projects in the Yukon Territory of Canada.
This placement is expected to close on or around 10 February.
Silver North Resources is a Canada-based explorer focused on advancing silver assets.
Write to Maddison Elliott at Mining.com.au
Images: Silver North Resources
