GR Silver Mining (TSX-V:GRSL) Ltd said it plans to raise up to $3 million in gross proceeds from a non-brokered private placement of units at a purchase price of $0.10 each.
The gross proceeds will be used for work programs on the company's Plomosas Project and for general working capital, the company said.
Each unit in the placement will consist of one common share of the company, and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the company at $0.15 each on or before 24 months after the closing date of the offering.
If the closing price of the company's shares on the TSX Venture Exchange (TSXV) hits or exceeds $0.30 for 10 consecutive trading days, the company may accelerate the expiry date of the warrants.
READ: GR Silver Mining hits high-grade silver in San Marcial Southeast Area at its Plomosas Project in Mexico
All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSXV.
GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico.
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