• Silver One Resources (SVE) has successfully raised C$9.5 million in a private placement to fund exploration at its Candelaria silver project
  • Under the terms of the placement, the company issued a total of 21,111,111 units at a price of $0.45 each
  • Each unit is comprised of one common share and one-half of one common share purchase warrant, exercisable at a price of $0.65 over a period of three years
  • The proceeds raised will be used to fund exploration at the company’s Candelaria silver project in Nevada, USA, as well as its Cherokee and Phoenix projects
  • Silver One Resources (SVE) is currently up 3.51 per cent to $0.59 per share at 1:11pm EDT

Silver One Resources (SVE) has successfully raised C$9.5 million in a private placement to fund exploration at its Candelaria silver project.

Under the terms of the placement, which was originally announced on June 8, 2020, the company issued a total of 21,111,111 units at a price of $0.45 each. These units are comprised of one common share in the company and half of one common share purchase warrant.

Each whole warrant will entitle the holder to acquire an additional share in Silver One Resources at a price of $0.65, exercisable over a period of three years from the date of issuance.

As part of the offering, Canadian precious metals investor, Eric Sprott, subscribed for 11,111,111 units for a total consideration of $5 million.

Prior to the financing, Eric owned 22,000,000 common shares in Silver One Resources, however, his latest acquisition brings his total holding to approximately 23.46 per cent of the company’s issued and outstanding securities on a partially diluted basis.

The proceeds raised under the placement will be primarily used to fund ongoing exploration and drilling work at the company’s Candelaria silver project in central west Nevada, USA.

A portion will also be used to further define high-grade silver-gold-copper vein systems at the Cherokee project and to explore for high-grade silver targets at the recently acquired Phoenix project in Arizona.

Greg Crowe, President and CEO of Silver One Resources, noted that this is the third time Eric has taken a position in the company.

“We are very appreciative of his ongoing support. With a treasury of over $14 million, Silver One is very well positioned to advance its three high-priority silver projects in Nevada and Arizona.

“Exploration programs are being planned and should commence in the coming weeks,” he said.

Silver One Resources (SVE) is currently up 3.51 per cent to $0.59 per share at 1:11pm EDT.

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