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Blackrock Announces C$6 Million Private Placement, Led by a C$2 Million Investment from First Majestic Silver
Vancouver, British Columbia--(Newsfile Corp. - October 20, 2021) - Blackrock Silver Corp. (TSX...
About this update from Blackrock Silver Corp
[{"type":"text","content":"Blackrock Announces C$6 Million Private Placement, Led by a C$2 Million Investment from First Majestic SilverVancouver, British Columbia--(Newsfile Corp. - October 20, 2021) - Blackrock Silver Corp. (TSXV: BRC) (the \"Company\") is pleased to announce a non-brokered private placement (the \"Offering\") of 7,500,000 units (the \"Units\") at a price of C$0.80 per Unit for gross proceeds of C$6,000,000. The Company is pleased to advise that First Majestic Silver Corp. has agreed to purchase C$2 million of the Offering. Each Unit will be comprised of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of C$1.20 for a period of two years from the date the Units are issued.The Offering is scheduled to close on or about October 29, 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The Units to be issued under the Offering will have a hold period of four months and one day from the closing. The net proceeds of the Offering will be used by the Company for expansion drilling at Tonopah West and for scout drilling at Tonopah North, in addition to general working capital. Andrew Pollard, Blackrock President & CEO, commented, \"We're very happy to see First Majestic increase their equity position in Blackrock. These funds will be used to daylight additional blue sky at the project, both in terms of expansion drilling at DPB, and for scout exploration on our new Tonopah North claims. With 24 drillholes pending, our resource definition program nearing completion, and our geologic model demonstrating significant expansion potential, we're very excited to have the funds to allow us to continue to aggressively prove up this discovery while we await delivery of our maiden resource estimate.\"The Company may pay finder's fees on a portion of the Offering of up to 6% in cash and, for those applicable, finder's warrants equal to 3% of such Units placed by the finder, each finder's warrant exercisable for one common share for a 2 year term at a price of $1.20. The finder's fees shall be paid in accordance with applicable securities laws and the policies of the TSX Venture Exchange.It is anticipated that c...