Kootenay Silver Inc announced it has increased the size of its previously announced private placement from $4 million to just over $4.3 million.
The proceeds come from the sale of up to 48,309,179 units of the junior resource company at a price of $0.09 per unit.
Kootenay has one of the largest junior portfolios of silver assets in Mexico.
READ: Kootenay Silver unveils private placing to raise gross proceeds of up to C$4M
The company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects in the prolific mining districts in Sonora state and Chihuahua state.
The offering is being led by Research Capital Corporation, as the lead agent and sole bookrunner, on behalf of a syndicate of agents, including Red Cloud Securities Inc.
The agents have been granted an option to offer for sale an additional 15% of the number of units sold in the offering at the offering price. If the agents' option is exercised in full, the total gross proceeds to the company will be up to $5 million.
The offering is scheduled to close on or about November 8, 2022.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas