Business
Blackrock Silver Announces Upsize to Previously Announced Bought Deal Financing to $5.0 Million
Vancouver, British Columbia--(Newsfile Corp. - January 19, 2024) - Blackrock Silver Corp. (TSXV: ...
About this update from Blackrock Silver Corp
[{"type":"text","content":"Blackrock Silver Announces Upsize to Previously Announced Bought Deal Financing to $5.0 MillionVancouver, British Columbia--(Newsfile Corp. - January 19, 2024) - Blackrock Silver Corp. (TSXV: BRC) (the \"Company\" or \"Blackrock\") is pleased to announce that the Company has increased the gross proceeds of its previously announced \"bought deal\" public offering to C$5,000,000 (the \"Offering\"). The Offering has been upsized to include an investment from a singular strategic investor that will allow for the drilling of high-priority resource expansion targets at the Company's flagship Tonopah West project in Nevada (\"Tonopah West\").Under the Offering, the Underwriters (as defined herein) have agreed to purchase for resale 25,000,000 units of the Company (each, a \"Unit\") at a price of C$0.20 per Unit (the \"Offering Price\"). Red Cloud Securities Inc. is acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the \"Underwriters\").Each Unit will consist of one common share of the Company (each, a \"Common Share\") and one half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each whole Warrant shall entitle the holder to purchase one Common Share of the Company at a price of C$0.30 at any time on or before that date which is 36 months after the closing date of the Offering.The Company has granted to the Underwriters an option exercisable at the Offering Price for a period of 30 days after and including the closing date of the Offering, to purchase for resale up to an additional 15% of the number of Units sold under the Offering to cover over allotments, if any, and for market stabilization purposes. The Offering is expected to close on or about January 26, 2024 (the \"Closing Date\") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.The net proceeds raised under the Offering will be used by the Company to complete the final option payment on Tonopah West, after which the Company will own 100% of Tonopah West, for expansion drilling and to continue with metallurgical characterization, engineering evaluation, and hydrological assessment at Tonopah West, as well as for general working capital and corporate purposes.The Units will be sold b...