Silver North Resources Ltd said it plans to close the first tranche of its previously announced financing of up to $1.5 million on October 19, 2023, which will consist of about $500,000 in hard dollars and $300,000 in flow through funds.
The silver projects developer said the funds will be used for general working capital, marketing, and for exploration of the company’s high-grade silver Haldane project in the Keno Hill area of Canada’s Yukon Territory.
Silver North also noted that it increased the commission on the financing to 7% in cash and 7% in finder’s warrants, with each finder’s warrant allowing the holder to acquire one share at the offering price of $0.20 for a period of three years.
As well, the company reported that it has retained Hybrid Financial Ltd to provide marketing services to Silver North to broaden its reach within the professional investment community.
Hybrid has been engaged for an initial period of six months starting October 3, 2023, and will be paid a monthly fee of $15,000.
Silver North’s primary assets are its 100% owned Haldane silver project and the Tim silver project, which is under option to Coeur Mining (NYSE:CDE), Inc.
The company also holds gold and base metal projects in Yukon Territory, Colorado and Nevada and is actively seeking partners for the assets.
Contact Sean at sean@proactiveinvestors.com