Unico Silver (ASX:USL) has secured firm commitments for a single-tranche institutional placement to raise $60 million before costs.
The capital raising aims to fund its Joaquin Silver-Gold Project in Argentina through to a final investment decision, as well as support resource growth and extensional drilling across the Joaquin and Cerro Leon projects.
The placement was priced at $0.76 per share, representing a 10.1% discount to the last closing price of $0.845 on 21 September 2026. Approximately 78.9 million new shares will be issued under the company’s existing placement capacity under ASX listing rules 7.1 and 7.1A.
Settlement is scheduled for 30 September 2026, with allotment and quotation of the new shares occurring on 1 October 2026.
Combined with existing reserves, total pro-forma cash stands at approximately $110 million.
Proceeds will be deployed to support an updated mineral resource estimate, finalise a maiden Prefeasibility Study by January 2027, and advance long-lead items for a Definitive Feasibility Study expected by the end of 2027.
Managing Director Todd Williams says the raise leaves Unico in “its strongest financial position yet”.
“This raise … [is] enough to carry Joaquin through Definitive Feasibility Study and full mining approvals by the end of 2027,” Williams says.
“The summer drill season is already underway. We will commence a 20,000m regional exploration program targeting step-change discoveries across the district, while several additional rigs advance the development workstreams that feed the studies such as geotechnical, metallurgical, and water drilling.”
Canaccord Genuity (Australia) and Euroz Hartleys acted as joint lead managers and bookrunners for this transaction.
Unico Silver holds a 100% interest in the Joaquin and Cerro Leon gold-silver projects in the central Deseado Massif in Santacruz, Argentina.
Write to Paula Fabe at Mining.com.au
Main image: Unico Silver
