Silver Bullet Mines Corp. (TSX-V:SBMI, OTC:SBMCF) has announced a fundraising push to finance advance development of its Buckeye operation in Arizona.
Buckeye is home to a collection of silver, palladium, platinum, rhodium, osmium and gold targets.
The Ontario-based firm recently announced it had found significant levels of palladium, platinum, rhodium, osmium and gold in its concentrate. A second round of assay results proved palladium, platinum, rhodium, osmium, and gold in representative mineralized material from its Buckeye silver mine near Globe, Arizona.
READ: Silver Bullet Mines continues to assay for high-grade gold and platinum group metals
Silver Bullet will issue three million units priced at $0.20, which will comprise one share and one full warrant exercisable at $0.30 for a 24-month term. The target amount for the financing is $600,000, according to a release from the company.
SBMI currently owns a gravity mill near Globe, Arizona that is fully functional for the extraction of silver.
“The use of proceeds from the financing will be to determine what equipment will be required to augment that mill's capabilities to also extract the other elements mentioned above,” Silver Bullet said in a statement. “All of the existing mill will be retained.”
Additional proceeds from the financing will be for working capital.
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