Nevada Silver Corporation (TSX-V:NSC) said it has closed a non-brokered private placing, raising C$2 million gross to advance its assets in Nevada, USA.
The company has issued 6.67 million units at C$0.30 each. The units comprised one company share and one half of a share purchase warrant, with each warrant exercisable to acquire one share for C$0.45 each for 24 months from issue.
"The net proceeds of the offering will be used to further explore and develop the Corcoran Canyon silver-gold property, to undertake drilling at the recently acquired Belmont silver property, both located in Nye County, Nevada, USA, and for working capital and general corporate purposes," the company said in a brief statement.
READ: Nevada Silver Corp is a multi-commodity resource company and the flagship asset is the Corcoran silver-gold project in Nevada
If the closing price of the company's shares on a recognized stock exchange (including the TSXV) is equal to or greater than C$0.80 per share for at least ten consecutive trading days, then the firm can accelerate the expiry date of the warrants to a date that is 30 calendar days after notice is given of such an acceleration event.
Nevada Silver Corp is a multi-commodity resource company and its flagship asset is the Corcoran silver-gold project in Nevada.
The company also has management and ownership rights over the Emily manganese project in Minnesota, which has been the subject of considerable technical studies, with US$24 million invested to date. Both Corcoran and Emily have NI 43 101 resource estimates.
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