Regency Silver Corp. (TSX-V:RSMX, OTCQB:RSMXF) announced that it has closed the first tranche of its non-brokered private placement.
The company issued 8.46 million units at $0.15 each, with each unit consisting of one common share and one warrant, raising $1,268,655.
Each warrant grants the holder the right to purchase an additional share at $0.25 for two years, with an acceleration clause if the shares trade above $0.50 for 10 consecutive days.
The funds will be allocated to exploration, development, and working capital.
Regency Silver said it expects to complete the balance of the offering shortly.