Silver North Resources (TSX-V:SNAG, OTCQB:TARSF) said it has completed the second and final tranche of its previously announced private placement financing, raising a total of C$1 million including C$460,000 from the sale of flow through (FT) shares, at $0.20 per FT share, and C$540,000 from the sale of non-FT units at a price of $0.20 per unit.
A total of 5 million Silver North shares and 1.35 million warrants were issued in the private placement.
The resource projects developer said proceeds from the FT offering will be spent on Canadian Exploration Expenditures as defined in Canada’s Income Tax Act, while funds received from the sale of non-FT units will be used for various activities including marketing of projects, corporate overhead costs and project generation.
Each $0.20 unit was comprised of one company common share plus one half of a common share purchase warrant, with each full common share purchase warrant entitling the holder to purchase one Silver North Resources (TSX-V:SNAG, OTCQB:TARSF) common share at a price $0.30 per share for a period of three years from closing.
Silver North noted that a company director and an officer purchased or acquired direction and control over a total of 370,000 units and 60,000 FT shares of the private placement.
It added that finder’s fees of $24,640 in cash and 123,200 in finder’s warrants were paid to eligible parties, with each finder’s warrant entitling the holder to purchase one company common share for $0.20 per share for a period of three years from closing.
All securities issued are subject to a four-month hold from the dates of closing.
Silver North’s primary assets are its 100%-owned Haldane silver project and the Tim silver project in Canada’s Yukon Territory under option to Coeur Mining. The company also holds gold and base metal projects in the Yukon, Colorado and Nevada.