Silver North Resources (TSX-V:SNAG, OTCQB:TARSF) has announced a private placement of up to $1.25 million.
The fundraising consists of non-flow-through units priced at $0.16 for gross proceeds of up to $250,000 and charity flow-through units priced at $0.225 for gross proceeds of up to $1 million.
Each non-flow-through unit will be comprised of one share and one warrant and each charity flow-through unit will be comprised of one share that qualifies as a “flow-through share” within the Tax Act and one warrant.
All warrants have the same terms, with each warrant entitling the holder to purchase a share at an exercise price of $0.35 for two years.
Silver North said the proceeds from the charity flow-through units will be used to fund exploration and related programs on its Haldane and GDR mineral properties.
The funds raised from the non-flow-through units will be used for working capital and general corporate purposes.
Silver North’s flagship asset is the Haldane silver project in Yukon, Canada.