Business
Aftermath Silver Announces Closing of Second and Final Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 15, 2023) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQX: AAGFF) (FSE: FLM1) (the "Company") is pleased to announ
About this update from Aftermath Silver Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - May 15, 2023) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQX: AAGFF) (FSE: FLM1) (the \"Company\") is pleased to announce that it has closed the second and final tranche (the \"Second Tranche\") of its previously announced non-brokered private placement (the \"Private Placement\"), whereby the Company has completed the issuance of 7,045,200 units (each, a \"Unit\") at a price of $0.25 per Unit for gross proceeds of $1,761,300.00. Pursuant to both tranches of the Private Placement, the Company issued an aggregate of 33,005,467 Units for gross proceeds of $8,251,367. Each Unit consists of one common share in the capital of the Company (a \"Common Share\") and one-half of one non-transferable common share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant is exercisable by the holder to acquire one Common Share for a period of 24 months from the date of closing of the Second Tranche of the Private Placement at a price of C$0.35 per share. In connection with the Private Placement, the Company paid fees to eligible finders consisting of an aggregate of: (i) $328,782.50; (ii) 57,400 Common Shares (the \"Finder's Shares\"); and (iii) 200,410 Warrants (the \"Broker Warrants\"). Each Broker Warrant is exercisable by the holder to acquire one Common Share for a period of 24 months from the date of closing of the Second Tranche of the Private Placement at a price of C$0.35 per share. All securities issued pursuant to the Second Tranche of the Private Placement, including the Finder's Shares, are subject to hold period expiring on September 16, 2023, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The Company intends to use the net proceeds from the Second Tranche for metallurgical and engineering studies on the Berenguela Silver-Copper-Manganese project in southern Peru (\"Berenguela\"), project payments related to the purchase of Berenguela and for general working capital purposes. Certain directors, officers and other insiders of the Company (\"Interested Parties\") purchased or acquired direction or control over a total of 80,000 Units as part of the Second Tranche of the Private Placement. The placement to those persons constitutes a \"related party transaction\" within the meaning of Multilat...