- Capitan Mining (CAPT) has closed the first tranche of the previously-announced $3,200,000 non-brokered private placement
- This first tranche is made up of 13,000,000 common shares offered at a price of C$0.20 per share for total proceeds of $2,600,000
- The company anticipates that the second and final tranche of 3,000,000 shares will close on or before October 31, 2022
- Capitan Mining Inc. is a junior exploration company focused on its 100-per-cent-owned gold and silver Cruz de Plata Silver and Gold Project in Durango, Mexico
- Capitan Mining Inc. opened trading at $0.23 per share
Capitan Mining (CAPT) has closed the first tranche of the previously-announced $3,200,000 non-brokered private placement.
This first tranche is made up of 13,000,000 common shares offered at a price of C$0.20 per share for total proceeds of $2,600,000.
The company anticipates that the second and final tranche of 3,000,000 shares, which will be offered at a price of C$0.20 per share for total proceeds of $600,000, will close on or before October 31, 2022.
The financing was led by both Michael Gentile, CFA, who increased his ownership in Capitan Mining to 18.9 per cent and Construplan (Construcciones Planificadas, S.A.), who will own 5.1 per cent of Capitan Mining upon closing of the first tranche of the financing.
Construplan (Construcciones Planificadas, S.A.) is a premier and leading Mexican construction and mining services provider that has been in operation for over 42 years.
When the second tranche for $600,000 is closed, both Gentile and Construplan will own 18.1 per cent and 4.9 per cent, respectively.
Capitan Mining intends to use the proceeds from the offering to advance drilling and work programs at the Cruz de Plata silver & gold project in addition to funding working capital and general corporate expenses.
“I want to thank Mr. Michael Gentile for his continued investment and commitment to the company and the Cruz de Plata Silver Project; as well as to welcome the new investment from one of Mexico’s leading corporations, Construplan,” said Capitan’s CEO, Alberto Orozco.
“These strategic investments are a validation of the trust placed on the Capitan team and the significance and potential of our Cruz de Plata project,” he added.
Capitan Mining Inc. is a junior exploration company focused on its 100-per-cent-owned gold and silver Cruz de Plata Silver and Gold Project in Durango, Mexico.
Capitan Mining Inc. opened trading at $0.23 per share.