Regency Silver Corp. (TSX-V:RSMX, OTCQB:RSMXF) has upsized its non-brokered private placement after the first tranche exceeded the initial target.
The Canadian resource company said it is increasing the private placement size to C$1.75 million due to investor demand.
In the initial tranche, Regency Silver issued 5,613,500 units at a price of $0.20 per unit, resulting in gross proceeds of C$1,122,700.
Each unit consists of one share of the company and one half of one transferable common share purchase warrant, which allows the holder to purchase one share of the company at a price of C$0.30 per share for a two-year period from the date of issuance.
"We are pleased to complete the first tranche of this private placement and thank our existing shareholders and new shareholders for their strong support," expressed Bruce Bragagnolo, Regency Silver's executive chairman.
The funds raised through the private placement will be dedicated to exploration and development of the company's properties, the flagship of which is the Dios Padre gold-copper-silver project in Sonora, Mexico and where Regency has drilled notable intersections, including 35.8 meters of 6.84 grams per tonne (g/t) gold, 0.88% copper, and 21.82 g/t silver.
The company plans to release new assay results shortly.