Kootenay Silver Inc (TSX-V:KTN) has upsized its previously announced public offering to advance its Columba silver project in Mexico from C$5 million to C$9 million.
Up to 8,035,714 units of common shares will be sold through the offering, alongside the same number of half-common share purchase warrants, Kootenay announced on Monday.
Each unit of common stock and half-share purchase warrant will be priced at C$1.12, with the offering expected to close around April 25.
A whole warrant will entitle holders to purchase a common share for C$1.68 in the two years after the placing closes, Kootenay added.
Proceeds are set to be used to advance Kootenay’s Columba silver project in Mexico, which is unexplored in modern times and has returned high-grade samples in drilling since 2019.
Red Cloud Securities has agreed to act as lead agent and sole bookrunner for the placing, which will also see funds used for general working capital and corporate purposes.
- Updated with details of upsized offering -