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Blackrock Silver Announces Private Placement for a Minimum of $4.0 Million and up to $7.9 Million
Vancouver, British Columbia--(Newsfile Corp. - March 3, 2023) - Blackrock Silver Corp. (TSXV: BRC...
About this update from Blackrock Silver Corp
[{"type":"text","content":"Blackrock Silver Announces Private Placement for a Minimum of $4.0 Million and up to $7.9 MillionVancouver, British Columbia--(Newsfile Corp. - March 3, 2023) - Blackrock Silver Corp. (TSXV: BRC) (the \"Company\" or \"Blackrock\") is pleased to announce that the Company has entered into an agreement with PI Financial Corp. and Red Cloud Securities Inc. as co-lead agents and joint bookrunners on behalf of a syndicate of agents (referred to collectively as the \"Agents\") in connection with a marketed best efforts private placement of up to 21,400,000 units (the \"Units\"), at a price of $0.37 per Unit (the \"Offering Price\") to raise aggregate gross proceeds of up to C$7,918,000 (the \"Offering\"), subject to a minimum offering of 10,900,000 Units for aggregate gross proceeds of C$4,033,000 (the \"Minimum Offering\").Each Unit shall be comprised of one common share of the Company (\"Common Share\") and one half of one (1/2) Common Share purchase warrant (\"Warrant\") of the Company. Each whole Warrant shall entitle the holder thereof to acquire one additional Common Share at a price of $0.50 per Common Share for a period of three (3) years from the closing date (the \"Closing Date\") of the Offering. The gross proceeds raised from Offering will be used: (i) to fund the US$700,000 option payment due on April 2, 2023 in respect of the Company's Tonopah West project; (ii) to fund the US$500,000 lease payment due on October 27, 2023 in respect of the Company's Silver Cloud project; (iii) for exploration of the Company's portfolio of silver and gold projects in Nevada; and (iv) for working capital and general corporate purposes.All of the Units offered in the Offering shall be offered to purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions and will not be subject to resale restrictions in Canada under applicable Canadian securities laws.The Offering is anticipated to close on or about March 14, 2023, or such later date as the Company may determine. The closing is subject to certain conditions including, but not limited to, completion of the Minimum Offering and the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.The Company has agreed to pay the Agents a cash commission equal to 6.0% of the gross pro...