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Blackrock Closes C$7.0 Million Private Placement Led by a C$2.0 Million Investment from First Majestic Silver
Vancouver, British Columbia--(Newsfile Corp. - November 3, 2021) - Blackrock Silver Corp. (TSX...
About this update from Blackrock Silver Corp
[{"type":"text","content":"Blackrock Closes C$7.0 Million Private Placement Led by a C$2.0 Million Investment from First Majestic SilverVancouver, British Columbia--(Newsfile Corp. - November 3, 2021) - Blackrock Silver Corp. (TSXV: BRC) (the \"Company\") is pleased to announce the completion of its non-brokered private placement (the \"Private Placement\") previously announced on October 20, 2021 and upsized on October 25, 2021. First Majestic Silver Corp. purchased C$2.0 million of the Private Placement. The Company issued a total of 8,750,000 units (\"Units\") at a price of C$0.80 per Unit for gross proceeds of C$7.0 million. Each Unit consisted of one common share of the Company (\"Common Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of C$1.20 until November 3, 2023.The Company intends to use the net proceeds of the Private Placement for expansion drilling at Tonopah West and for scout drilling at Tonopah North, in addition to general working capital.In connection with the closing of the Private Placement, the Company paid Red Cloud Securities Inc., PI Financial Corp., Canaccord Genuity Corp. and Research Capital Corporation (\"Finders\") finders' fees in cash totalling C$267,348, representing 6% of the proceeds raised from Units placed by the Finders and issued to the Finders a total of 167,093 non-transferable finder warrants (\"Finder Warrants\"), representing 3% of the Units placed by such Finders. Each Finder Warrant entitles the holder to acquire one Common Share at an exercise price of C$1.20 until November 3, 2023.The Common Shares, Warrants and Finder Warrants issued in connection with the Private Placement and the Common Shares issuable upon exercise of Warrants and Finder Warrants are subject to a hold period expiring March 4, 2022. The Private Placement is subject to final approval of the TSX Venture Exchange.Two insiders of the Company purchased or acquired direction and control over a total of 112,500 Units under the Private Placement. Such participation constitutes a \"related party transactions\" within the meaning of TSX Venture Exchange Policy 5.9 (the \"Policy\") and Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") adopted in the Policy. The ...