Kootenay Silver Inc said it has further increased the size of its previously-announced best efforts private placement of company units to raise gross proceeds of up to C$5,434,782.72, at a price of $0.16 per unit.
The company said it intends to use the net proceeds from the offering for working capital requirements and other general corporate purposes.
Each unit will be comprised of one Kootenay Silver common share plus one common share purchase warrant, with each warrant entitling the holder to acquire one company common share at an exercise price of $0.22 per share for a period of 36 months from the closing of the offering.
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Kootenay Silver added that the agent will have an option to offer for sale up to an additional 15% of the number of units sold in the offering at the offering price, which is exercisable, in whole or in part, at any time up to 48 hours before the closing of the offering.
Vancouver-based Kootenay Silver is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico, with one of the largest junior portfolios of silver assets in the country.
Contact Sean at sean@proactiveinvestors.com