Business
AbraPlata Resource Corp. Closes $5.0 Million Private Placement with $3.0 Million Investment from Eric Sprott
Toronto - TheNewswire - July 09, 2020: AbraPlata Resource Corp. (TSXV:ABRA) (OTC:ABBRF) ("AbraPlata" or the "Company") is pleased to announce that it has closed
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"Toronto - TheNewswire - July 09, 2020: AbraPlata Resource Corp. (TSXV:ABRA) (OTC:ABBRF) (\"AbraPlata\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement (the \"Placement\"). In connection with the closing of the Placement, the Company issued 43,478,261 units (each, a \"Unit\") at a price of $0.115 per Unit for gross proceeds of $5.0 million. Each Unit consists of one common share in the equity of the Company (each, a \"Common Share\") and one share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the subscriber to purchase one additional Common Share at a price of $0.17 until the second (2nd) anniversary of the closing date of the Private Placement (the \"Expiry Date\"). Mr. Eric Sprott through 2176423 Ontario Ltd. (\"2176423\"), a corporation which is beneficially owned by him, acquired 26,000,000 Units pursuant to the Private Placement. As a result Mr. Sprott beneficially owns and controls 26,000,000 Shares of the Company and 26,000,000 Warrants representing 8.2% of the issued and outstanding Common Shares on a non-diluted basis, and 15.1% on a partially diluted basis, assuming the exercise of Mr. Sprott's share purchase warrants. Prior to the closing of the Private Placement, Mr. Sprott did not beneficially own or control any securities of the Company. The Units were acquired by Mr. Sprott, through 2176423, for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of 2176423's early warning report will appear on the Company's profile on SEDAR and may also be obtained by calling 416-945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1). Mr. John Miniotis, President and CEO of AbraPlata commented, \"The addition of Mr. Sprott as a strategic investor is a major step in validating the Diablillos project as a high quality silver-gold exploration property, and further positions AbraPlata to deliver shareholder value through ongoing aggressive exploration. Mr. Sprott is now the 3rd ...