Aftermath Silver (TSX-V:AAG) said it has closed its previously announced non-brokered private placement with the issuance of 24,385,666 units at a price of $0.17 each for gross proceeds of $4,145,563.
The company said it intends to use the proceeds of the private placement for funding preliminary economic assessments at its silver exploration projects and for working capital and general corporate purposes.
Each unit consists of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant of the company. Each whole warrant is exercisable by the holder to acquire one common share for a period of 24 months from the date of closing of the private placement at a price of C$0.27 per share.
READ: Aftermath Silver increases size of its private placement
In connection with the private placement, the company issued an aggregate of 245,739 finder's shares and paid finder's commissions of an aggregate of $77,135.
All securities issued under the private placement, including the finder's shares, are subject to a hold period expiring on March 22, 2023, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
Certain directors, officers and other insiders of the company purchased or acquired direction or control over a total of 335,294 units as part of the private placement.
Aftermath Silver is a leading Canadian junior exploration company focused on silver, and aims to deliver shareholder value through the discovery, acquisition and development of quality silver projects in stable jurisdictions.
The company has developed a pipeline of projects at various stages of advancement and its projects have been selected based on growth and development potential.
Contact the author at jon.hopkins@proactiveinvestors.com