Nevada Silver Corporation (TSX-V:NSC) has provided an update on the sale of securities of its indirectly wholly-owned subsidiary North Star Manganese Inc (NSM), with proceeds of the sale to be used to advance technical studies at the Emily manganese project in Minnesota and for general working capital.
The company said as previously disclosed, it intends to issue approximately 3,000,000 shares of NSM at a price of US$0.25 per share for proceeds of approximately US$750,000.
The financing comes after the split of its outstanding securities on the basis of 2.3483 new shares for each currently outstanding share.
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As a result, the outstanding shares of NSM increased from 12,775,000 shares to 30,000,000, and upon completion of the financing, there will be approximately 33,000,000 shares outstanding.
If completed, the company said its indirect shareholding in NSM will be reduced to approximately 90.9%.
The closing of the financing is expected to occur before the end of August 2022.
Nevada Silver is a multi-commodity resource company with two exploration projects in the US: the Corcoran silver-gold project in Nevada and the Emily manganese project in Minnesota.
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