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AbraPlata Resource Corp. Announces $15.0 Million Private Placement Led by Eric Sprott to Accelerate Growth
Toronto - TheNewswire - August 06, 2020: AbraPlata Resource Corp. (TSXV:ABRA) (OTCPK:ABBRF) ("AbraPlata" or the "Company") is pleased to announce that it intend
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"Toronto - TheNewswire - August 06, 2020: AbraPlata Resource Corp. (TSXV:ABRA) (OTCPK:ABBRF) (\"AbraPlata\" or the \"Company\") is pleased to announce that it intends to complete a non-brokered private placement (the \"Offering\") for aggregate gross proceeds of up to $15,000,120 through the issuance of up to 55,556,000 units of the Company (the \"Units\") to be priced at C$0.27 per Unit. Mr. Eric Sprott has indicated his intention to invest up to $10,000,000 in the Offering and will subscribe up to 37,037,037 Units. Each Unit will consist of one common share in the capital of the Company (each, a \"Common Share\") and one-half of one share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will entitle the holder to purchase one additional Common Share at a price of $0.40 until the second (2nd) anniversary of the closing date of the Offering (the \"Expiry Date\"). Notwithstanding the foregoing, in the event that the daily high trading price of the Common Shares on the TSX Venture Exchange surpasses $0.70 following the closing of the Offering for 20 consecutive trading days, the Company may, within 30 days of the occurrence of such event, deliver a notice to the holders of Warrants accelerating the Expiry Date to the date that is 30 days following such notice, and any unexercised Warrants after such period shall automatically expire. Mr. John Miniotis, President and CEO of AbraPlata commented, \"The strong investment interest in AbraPlata by Eric Sprott is a clear reflection of the exposure and leverage that our Diablillos project provides in a rising silver and gold price environment. Upon completion of this financing, AbraPlata will have over $20 million of cash on its balance sheet which will provide us with the needed financial flexibility to aggressively advance Diablillos and to accelerate our exploration efforts on the surrounding regional property package.\" The proceeds of the Offering will be used for exploration of the Company's mineral properties and for general corporate purposes. The Offering is scheduled to close on or about August 27, 2020, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals of the TSX Venture Exchange. The securities to be issued under this Offering will be offered by way of private placement exemptions in all the provinces of...