Business
Aftermath Closes $3.3M Private Placement, Including $2.98M Investment by Mr. Eric Sprott
Vancouver, British Columbia--(Newsfile Corp. - November 14, 2019) - Aftermath Silver Ltd. (TS...
About this update from Aftermath Silver Ltd.
[{"type":"text","content":"Aftermath Closes $3.3M Private Placement, Including $2.98M Investment by Mr. Eric SprottVancouver, British Columbia--(Newsfile Corp. - November 14, 2019) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQB: FLMZF) (the \"Company\" or \"Aftermath Silver\") is pleased to announce that it has closed a non-brokered private placement of 16,500,000 units (the \"Units\") at a price of $0.20 per Unit for gross proceeds of $3,300,000 (the \"Private Placement\"), as previously announced on September 3, 2019, and November 4, 2019. Each Unit sold consists of one common share in the capital of the Company (each a \"Common Share\") and one-half of one non-transferable common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable by the holder to acquire one Common Share for a period of 36 months from closing at a price of $0.25 per Common Share.All securities issued in connection with the Private Placement (including shares, warrants, finders' warrants and any shares issued upon the exercise of warrants and finders' warrants) are subject to a hold period and may not be traded until March 14, 2020, except as permitted by applicable securities legislation and the rules and policies of the TSX Venture Exchange.Ralph Rushton, President and CEO of Aftermath commented \"We are excited to welcome Mr. Eric Sprott as Aftermath's largest investor. We share Mr. Sprott's vision, hence our focus on acquiring advanced-stage silver projects with existing resources. With funding now in place, we're looking forward to demonstrating the potential of our Cachinal and Challacollo projects.\"An aggregate amount of $1,400 in cash, 1,041,586 common shares and 520,793 finder's warrants were paid as finders' fees in connection with the Private Placement. Each finder's warrant is exercisable by the holder to acquire one Common Share for a period of 36 months from closing at a price of $0.25 per Common Share.Eric Sprott through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 14,879,796 Units under the Private Placement for a total consideration of $2,975,959. Prior to the Private Placement, Mr. Sprott did not own or control any shares of Aftermath Silver. As a result of the Private Placement, Mr. Sprott beneficially owns or controls 14,879,796 common shares and 7,439,898 common share purchase warrants representing...