Kootenay Silver Inc (TSX-V:KTN) announced an at-the-market (ATM) equity distribution program, allowing the company to issue and sell common shares worth up to $5 million.
Under this program, shares will be sold at prevailing market prices directly through the TSX Venture Exchange or other recognized marketplaces in Canada, the company said in a statement.
The net proceeds from the ATM program are intended for the advancement of the Columba silver project and general corporate purposes.
Kootenay is focused on the discovery and development of projects in Mexico's Sierra Madre Region.
The distribution of shares will be governed by an equity distribution agreement dated July 4, 2024, between Kootenay and the agent, Research Capital Corporation. The ATM Program will remain effective until the earlier of the sale of all common shares under the program or April 27, 2026, unless terminated earlier by Kootenay or the agent.
Kootenay will compensate the agent with 2.5% of the gross proceeds from the sales of the common shares.