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Nevada Silver Corporation Announces Closing of C$3.5 Million Private Placement Offering of Common Shares and Warrants
Toronto, Ontario--(Newsfile Corp. - January 5, 2023) - Nevada Silver Corporation (TSXV: NSC) (OTC...
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[{"type":"text","content":"Nevada Silver Corporation Announces Closing of C$3.5 Million Private Placement Offering of Common Shares and WarrantsToronto, Ontario--(Newsfile Corp. - January 5, 2023) - Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) (\"NSC\", or the \"Company\") is pleased to announce the completion of its previously announced reasonable \"best efforts\" marketed private placement (the \"Offering\"). A total of 21,212,000 common shares (the \"Common Shares\") were sold at a price of $0.15 per Common Share and a total of 21,212,000 common share purchase warrants (the \"Warrants\") were sold at a price of $0.015 per Warrant for combined gross proceeds of approximately $3.5 million. Each Warrant is exercisable to acquire one common share of the Company at a price of $0.25 per share until January 5, 2025. The expiry date of the Warrants will accelerate in the event the volume weighted average trading price of the Common Shares on the TSX Venture Exchange is equal to or exceeds $0.30 per Common Share for a period of 20 consecutive trading days (an \"Acceleration Event\"). If an Acceleration Event occurs, the Warrants will expire 30 days after notice of such Acceleration Event.Cormark Securities Inc. (the \"Agent\") acted as sole agent in connection with the Offering. The Offering also included certain subscribers who settled directly with the Company (the \"Direct Settlers\"). The net proceeds from the Offering will be used by the Company in the manner set forth in the Company's Form 45-106F19 Listed Issuer Financing Document dated December 12, 2022, which was prepared in connection with the Offering and was filed under the Company's profile on www.SEDAR.com and on the Company's website at https://nevadasilvercorp.com.In connection with the Offering, the Agent received a cash commission equal to $230,133.75 (excluding proceeds derived from the sale of Common Shares and Warrants to Direct Settlers). In addition to the cash commission, the Agent received 1,394,750 non-transferrable compensation options (the \"Compensation Options\"), which entitle the Agent to purchase common shares of the Company at a price of $0.165 per share, which may be exercised at any time and from time to time until January 5, 2025.The Offering included subscriptions from insiders of the Company for an aggregate of 768,167 Common Shares and 768,167 Warrants. This parti...