Southern Silver Exploration Corp (TSX-V:SSV, OTCQX:SSVFF) announced a new funding round for its Cerro Las Minitas property in Mexico.
The company is aiming to raise up to $3.51 million via a non-brokered private placement, according to a statement from Southern Silver.
The firm will issue 13 million units priced at $0.27 each. Each unit will consist of one common share of the company and half a warrant, with each full warrant exercisable to purchase an additional common share at $0.40 within a three-year period.
Net proceeds from the financing are earmarked for the ongoing development of Southern Silver's Cerro Las Minitas (CLM) property located in Durango, Mexico, following a recent Preliminary Economic Assessment (PEA) update.
Management is now strategizing on the next steps for advancing and expanding the project, the company said in a statement.
CLM is designed as a large-scale underground mining operation.