Kootenay Silver Inc revealed it had raised a total of C$5 million gross after closing a previously-announced private placement.
The firm said it plans to use the net proceeds for exploration, working capital and general corporate purposes.
Research Capital Corp was the lead agent and sole bookrunner, on behalf of a syndicate of agents, which included Red Cloud Securities.
Kootenay said around 39.5 million units were issued, which included the full exercise of the option granted to the agents, at a price of C$0.09 per unit, to raise C$3.56 million.
A further non-brokered portion of the offering was closed for gross proceeds of around C$1.44 million, after the issue of about 5.9 million units at the offer price.
READ: Kootenay Silver ups offering to more than C$4.3M
Each unit comprises one company share and one share purchase warrant, with each warrant exercisable to acquire one share at an exercise price of C$0.135 for 36 months from closing.
All securities issued in connection with the offer are subject to a Canadian securities law resale restriction period expiring on March 9, 2023, the company noted.
Also in the statement, it said that Raj Kang, the company's chief financial officer and corporate secretary, had taken part and subscribed for 136,778 units.
He now beneficially owns, or has control over 634,278 shares or around 0.15% of the issued and outstanding shares, or around 0.25% on a partially diluted basis, including all convertible securities.
Kootenay Silver is focused on mineral projects in the Sierra Madre region of Mexico and has one of the largest junior portfolios of silver assets in the country.
Contact the author at giles@proctiveinvestors.com