- Blackrock Silver Corp. (BRC) has increased its fully subscribed non-brokered private placement
- The company will issue 8,750,000 units at $0.80 each for gross proceeds of $7 million
- The increase was due to demand from potential investors
- The new offering is now scheduled to close by November 3
- Blackrock Silver Corp. (BRC) is up 5.495 per cent and is trading at $0.96 per share at 12:14 p.m. ET
Blackrock Silver Corp. (BRC) has increased its previously announced fully subscribed, non-brokered private placement.
The company will issue 8,750,000 units at $0.80 each for gross proceeds of $7 million.
The increase was due to demand from potential investors.
One unit is comprised of a common share and half of a common share purchase warrant.
A whole warrant will entitle the holder to acquire one additional common share in the capital of Blackrock at a price of $1.20 per share for two years after the units are issued.
Blackrock may pay finder’s fees on a portion of the offering of up to 6 per cent in cash and finder’s warrants equal to 3 per cent of units placed by the finder.
The units to be issued will have a four months hold period from the date of the closing.
The net proceeds will be used by Blackrock for expansion drilling at Tonopah West, scout drilling at Tonopah North and general working capital.
Andrew Pollard, President and CEO of Blackrock, said,
“With 24 drill holes pending, our resource definition program nearing completion, and our geologic model demonstrating significant expansion potential, we’re very excited to have the funds to allow us to continue to aggressively prove up this discovery while we await delivery of our maiden resource estimate.”
The new offering is now scheduled to close by November 3.
Blackrock Silver Corp. (BRC) is up 5.495 per cent and is trading at $0.96 per share at 12:14 p.m. ET.
