- AbraSilver Resource Corp. (ABRA) has closed its previously-announced private placement
- Under the private placement, the company issued an aggregate of 27,027,000 units for gross proceeds of $9,999,990
- AbraSilver intends to use the net proceeds of the offering for projects which include the completion of the ongoing Phase III drilling program on the Diablillos Project in the Salta province of Argentina
- AbraSilver is an advanced-stage exploration company focused on rapidly advancing its 100-per-cent-owned Diablillos silver-gold project in the Salta province of Argentina
- AbraSilver Resource Corp. was down 1.316 per cent, trading at $0.375 at 10:15 AM ET
AbraSilver Resource Corp. (ABRA) has closed its previously-announced private placement.
The offering included the exercise in full of the underwriters’ option.
Under the private placement, the company issued an aggregate of 27,027,000 units for gross proceeds of $9,999,990.
Each unit, priced at $0.37 per unit, consists of one common share in the capital of the company and one-half of one common share purchase warrant.
Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.50 until December 6, 2024.
AbraSilver intends to use the net proceeds of the offering for projects which include the completion of the ongoing Phase III drilling program on the Diablillos Project in the Salta province of Argentina.
The proceeds will also be used to commence and complete a drilling program on the La Coipita Project in the San Juan province of Argentina.
In addition, the proceeds will be used to satisfy the company’s mineral interest commitments for the Diablillos Project and the La Coipita Project and working capital purposes.
The offering is subject to the final approval of the TSX Venture Exchange. The securities issued to certain insiders of the company in the offering are subject to a four-month hold period ending on April 7, 2023, in accordance with the policies of the Exchange.
AbraSilver is an advanced-stage exploration company focused on rapidly advancing its 100-per-cent-owned Diablillos silver-gold project in the Salta province of Argentina.
AbraSilver Resource Corp. was down 1.316 per cent, trading at $0.375 at 10:15 AM ET.