Source: Silver Mountain Resources Inc.
  • Silver Mountain Resources (AGMR) has completed its previously-announced bought-deal prospectus offering of units
  • Silver Mountain issued a total of 31,050,000 units at a price of C$0.30 per unit for aggregate gross proceeds of $9,315,000
  • The company intends to use the net proceeds from the offering for development of the underground mine at the Castrovirreyna Project in Huancavelica, Peru
  • Silver Mountain Resources is a silver explorer and mine developer
  • Silver Mountain Resources (AGMR) was unchanged at $0.29 per share

Silver Mountain (AGMR) has completed its previously-announced bought-deal prospectus offering of units.

The offering was executed with a syndicate of underwriters led by Sprott Capital Partners LP and Eight Capital, and including Canaccord Genuity Corp. and Research Capital Corp.

Silver Mountain issued a total of 31,050,000 units at a price of C$0.30 per unit for aggregate gross proceeds of $9,315,000. This includes the exercise by the underwriters of the over-allotment option to purchase an additional 4,050,000 units at the offering price.

Each unit consists of one Class A common share of the company and one-half of one common share purchase warrant.

Each warrant entitles the holder to purchase one common share at an exercise price of $0.45 for a period of 36 months.

The warrants were issued in accordance with, and are governed by, the terms of a warrant indenture dated February 9, 2023 between the company and Odyssey Trust Company.

The company intends to use the net proceeds from the offering for development of the underground mine at the Castrovirreyna Project in Huancavelica, Peru, as well as for mine rehabilitation, preparation of the mine and for general and corporate working capital purposes.

Silver Mountain Resources is a silver explorer and mine developer.

Silver Mountain Resources (AGMR) was unchanged at $0.29 per share at 12:19 pm ET.


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