Aftermath Silver (TSX-V:AAG) said it is launching a non-brokered private placement of up to 11,764,705 units at a price of C$0.17 per unit to raise approximately C$2 million.
The company said it intends to use the net proceeds for metallurgical and other technical studies on the Berenguela silver-copper project in Peru, and the Challacollo silver-gold project in Chile, and for general working capital purposes.
Each unit will be made up of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant. Each warrant is exercisable by the holder to acquire one common share for a period of 24 months from closing of the private placement at a price of $0.27 per share, according to Aftermath.
READ: Aftermath Silver reports exciting final assay results from diamond drilling at Berenguela silver-copper-manganese asset in Peru
Closing of the private placement is subject to receipt of all necessary regulatory approvals, including from the TSX Venture Exchange, the company added.
Separately, Aftermath said results from the recently-completed 6,200-metre drill campaign at Berenguela are being incorporated into a new mineral resource estimate.
The company added that it has plans to include the results of the metallurgical testwork at Berenguela into a preliminary economic analysis scheduled for the second half of 2023.
The Canadian junior exploration company focusses on silver, and aims to deliver shareholder value through the discovery, acquisition and development of quality silver projects in stable jurisdictions.
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