GR Silver Mining (TSX-V:GRSL) Ltd has completed its previously announced private placement generating aggregate gross proceeds of more than $5.4 million for working capital and general corporate purposes.
The company issued over 36 million units, each consisting of a common share and half a common share purchase warrant, at a price of $0.15 each. Whole warrants are exercisable for a period of 36 months at a price of $0.22.
Certain directors and officers of the company participated in the offering and purchased an aggregate of 580,000 units, the company said.
READ: GR Silver Mining inks agreement for a best efforts private placement to raise aggregate gross proceeds of up to $5,000,100
GR Silver entered into an agency agreement with Beacon Securities Limited (lead agent) and Echelon Wealth Partners Inc. The company paid the agents a cash commission totalling $271,458 and issued more than 1.8 million non-transferable broker warrants, each of which is exercisable for one common share at the issue price for 36 months. The agents were also paid a corporate finance fee of $50,000 and 339,000 broker warrants.
As part of the financing, nearly 3 million units were sold through the partial exercise of an option granted to the agents.
The offering remains subject to the final acceptance of the TSX Venture Exchange, the company noted.
GR Silver is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario mining district in the southeast of Sinaloa state, Mexico.
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