- Masivo Silver (TSXV:MASS) is raising C$750,000 to fund its Boston mine in Nevada
- The Boston mine is a pre-World War II high-grade gold-, silver- and copper-producing mine
- The non-brokered private placement offers units priced at $0.05 per unit
- Masivo has a C$100,000 drill credit with its previous drill company in Mexico
For more information on this offering, click here.
Vancouver-based Canadian junior silver and gold mining exploration company Masivo Silver Corp. (TSXV:MASS) is raising C$750,000.
The non-brokered private placement would be composed of units priced at $0.05 per unit and consisting of one common share and one full warrant.
The proceeds will primarily be used to fund Masivo’s Boston mine drill program, continuing this month. The mine is is a high-grade gold, silver and copper project in Elko County, Nevada.
Masivo’s CEO, David Coburn, said he believes the results from the first hole indicate a great opportunity for the remaining seven holes. He also pointed out the history of the project as a pre-World War II producing mine and the involvement of billionaire and precious metals investor Eric Sprott.
“Eric loves pre-World War II production because what that means to him is the production is still there. It didn’t end because the mine was completed. It ended because of World War II,” Coburn told The Market Online’s Deal Room (see the video above).
In addition to the financing raise, the company has a C$100,000 drill credit with its previous drill company in Mexico and is analyzing different drill opportunities at its Mexico properties. Masivo plans to focus on its revenue-generating project in the state of Nayarit, which is capable of processing up to 300 tons of ore per day.
In regards to Masivo’s share price, Coburn is optimistic.
“We think that once the drill is the ground and we start drilling again, the prices will be back up as they were a year ago at C$0.40 or C$0.50,” Coburn said.
Alongside the Boston project, Coburn points out that, “We’ve got a couple of properties that have come to us and are hoping that we will bring them into the Boston mine production process.”
In terms of the financing raise, Coburn expects to close the first tranche in the next couple of weeks and the following tranche within 30 days.
For more information on Masivo, check out www.masivosilver.com.
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