Source: Silver Mountain Resources Inc.
  • Silver Mountain Resources (AGMR) has announced a bought deal prospectus offering for gross proceeds of $8,100,000
  • The company will issue 27,000,000 units at a price of C$0.30 per unit
  • Net proceeds will be used primarily for exploration expenditures
  • The offering is expected to close on or about February 9
  • Silver Mountain Resources is a silver explorer and mine developer
  • Silver Mountain Resources Inc. (AGMR) opened trading at C$0.35

Silver Mountain Resources (AGMR) has announced a bought deal prospectus offering for gross proceeds of $8,100,000.

The company has entered into an agreement with a syndicate of underwriters led by Sprott Capital Partners in connection with the offering of 27,000,000 units at a price of C$0.30 per unit. Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at an exercise price of $0.45 for a period of 36 months.

The company has granted the underwriters an over-allotment option. In the event that the option is fully exercised, the total gross proceeds of the offering will be approximately $9.3 million.

Net proceeds will be used for exploration expenditures and for general and corporate working capital purposes.

The offering is expected to close on or about February 9, 2023, and is subject to the receipt of all necessary corporate and regulatory approvals.

Silver Mountain Resources is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru.

Silver Mountain Resources Inc. (AGMR) opened trading at C$0.35.


More From The Market Online

ESGold acquires 39 mining claims in Quebec

ESGold (CSE:ESAU) reveals it has added 39 mining claims to its portfolio in Quebec totaling 2,286 hectares.
The Market Online Video

Drilling company poised to capitalize on market conditions

AKITA Drilling is a North American land drilling contractor, providing services to the oil and gas industry in Canada and the U.S.

Ivanhoe Mines initiates Phase 3 concentrator construction

Ivanhoe Mines (TSX:IVN) reveals the first ore was fed into the Phase 3 concentrator at its Kamoa-Kakula Copper Complex.

SSR Mining reviews deadly landslide, faces class-action lawsuits

SSR Mining (TSX:SSRM) faces mounting losses after a series of negative developments, culminating in a securities class action lawsuit.