- Silver Mountain Resources (OTCQB:AGMRF) on Tuesday said it has entered into an agreement pursuant to which Eight Capital and SCP Resource Finance LP, as joint bookrunners and co-lead agents, will offer for sale up to 68.20M units of the company on a best efforts basis, at an offering price of $0.11 per unit, for aggregate gross proceeds of up to $7.5M.
- Each unit will comprise one common share in the capital of the company and one common share purchase warrant. Each warrant shall entitle the holder to acquire an additional common share for a period of 48 months, at an exercise price of $0.135.
- The offering is expected to close on or about April 24.
- The company intends to use the proceeds of the offering for the development of the Reliquias mine, and for working capital and general corporate purposes.
- Source: Press Release
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