Business
AbraSilver Resource Announces Closing of C$20 Million Strategic Investments by Kinross Gold and Central Puerto
Toronto – TheNewswire - April 26, 2024 - AbraSilver Resource Corp. (TSXV:ABRA); (OTC:ABBRF) ("AbraSilver" or the “Company”) is pleased to announce the completio
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"Toronto – TheNewswire - April 26, 2024 - AbraSilver Resource Corp. (TSXV:ABRA); (OTC:ABBRF) (\"AbraSilver\" or the “Company”) is pleased to announce the completion of its previously announced non-brokered private placement (the “Private Placement”). The Company issued 50,000,000 common shares (the “Common Shares”) at a price of $0.40 per share for aggregate gross proceeds of C$20 million. As a result, Kinross Gold Corporation (“Kinross”) (NYSE: KGC, TSX: K) and an affiliate of Central Puerto SA (“Central Puerto”) (NYSE: CEPU) each own approximately 4.0% of the outstanding Common Shares on an undiluted basis. All Common Shares issued in connection with the closing of the Private Placement are subject to a four-month-and one-day statutory hold period in accordance with applicable securities laws. The strategic investments by Kinross and Central Puerto call for the formation of a five-person Technical Advisory Committee comprised of two members from AbraSilver, two members from Kinross and one member from Central Puerto. The Technical Advisory Committee will provide advice and guidance on the upcoming Phase IV exploration campaign and the future development plans for the Company’s flagship Diablillos project in Salta Province, Argentina (“Diablillos”). Separately a Strategic & Operational Committee will be formed, comprised of two members from AbraSilver and two members from Central Puerto. The Strategic & Operational Committee will provide advice and guidance on strategic, operational, financial, tax, infrastructure, government and regulatory affairs, among others matters. Mr. John Miniotis, President and CEO of AbraSilver commented: “We are very pleased to welcome both Kinross and Central Puerto as key shareholders and strategic partners in AbraSilver. With a strong balance sheet consisting of approximately C$25 million in cash, the Company is now very well positioned to aggressively advance Diablillos and continue to unlock value for all shareholders. We now turn our focus to the upcoming drill program at Diablillos, which will be commencing over the coming weeks and additional details will be provided in the near future.” The Company will use the proceeds of the Private Placement for exploration and development of Diablillos and for working capital and general corporate purposes. In ...