Zacatecas Silver Corp said it has completed its previously announced non-brokered private placement financing, raising $3,514,275.90 by issuing 7,809,502 company units at a price of $0.45 per unit.
The precious metals projects developer stated it intends to use the net proceeds from the offering to further advance studies at the Esperanza project, exploration and drilling activities at the silver projects and general working capital purposes.
Each unit consisted of one company common share plus one common share purchase warrant, with each warrant entitling the holder to purchase a Zacatecas Silver common share at an exercise price of $0.55 for a period of three years from the date of issue.
The company also said it paid finders’ fees totalling $61,967.56 and 137,706 non-transferrable warrants, with each warrant exercisable at $0.45 per share for a period of two years from the date of issue.
As well, Zacatecas Silver reported that its Esperanza Silver de Mexico, SA de CV subsidiary continues to build on its strategic alliance with the Tetlama community, hosts of the company’s Esperanza gold project in Mexico.
The company said it continues to provide on-going social benefit support with programs currently implemented, including medical assistance, funerary compensation, educational scholarships, and the community forest fire fighting brigade, which employs 15 people from the Tetlama community.
Zacatecas Silver owns two key projects: the Esperanza gold project in Morelos State, Mexico; and the Zacatecas silver project in Zacatecas State, Mexico.
Contact Sean at sean@proactiveinvestors.com