Business
First Andes Silver Closes Oversubscribed $2 Million Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2026) - FIRST ANDES SILVER LTD. (TSXV: FAS) (OTC Pink: MSLVF) (FSE: 9TZ0) ("First Andes" or the "Company") today announced that it has closed its previously announced private placement financing (the "Offering", see news release dated January 21, 2026). The Company has increased the size of the Offering and issued a total of 16,708,331 common shares (the "Common Shares") at a price of C$0.12 per Common Share for aggregate gross proceeds
About this update from First Andes Silver Ltd
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - February 13, 2026) - FIRST ANDES SILVER LTD. (TSXV: FAS) (OTC Pink: MSLVF) (FSE: 9TZ0) ("First Andes" or the "Company") today announced that it has closed its previously announced private placement financing (the "Offering", see news release dated January 21, 2026). The Company has increased the size of the Offering and issued a total of 16,708,331 common shares (the "Common Shares") at a price of C$0.12 per Common Share for aggregate gross proceeds of C$2,004,999.72 under the Offering.","length":578,"tagName":"p"},{"type":"text","content":"The Common Shares issued under the Offering are not subject to a hold period in Canada as the Common Shares were offered pursuant to the listed issuer financing exemption under Section 5A.2 of National Instrument 45-106 — Prospectus Exemptions, as amended by Coordinate Blanket Order 45-935 — Exemptions from Certain Conditions of the Listed Issuer Financing Exemption.","length":369,"tagName":"p"},{"type":"text","content":"In connection with the Offering, the Company paid finders a fee in cash totaling C$120,790 and issued a total of 1,001,583 share purchase warrants (the "Finder's Warrants") as permitted under the rules of the TSX Venture Exchange. Each Finder's Warrant will be exercisable at a price of C$0.12 per share for a period of two years from the date of issue.","length":371,"tagName":"p"},{"type":"text","content":"The net proceeds of the offering will be used on: (i) an augmented Q2 2026 drilling program at the Santas Gloria Property; (ii) exploration work the Santas Gloria Property; (iii) annual mineral claim payments in Peru; and (iv) general working capital purposes.","length":260,"tagName":"p"},{"type":"text","content":"Ian Stalker, the Company's Executive Chairman and a director of the Company, subscribed for 1,041,667 Common Shares, contributing $125,000 to the Offering. This participation constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). However, the Company expects to be exempt from formal valuation and minority shareholder approval requirements under Sections 5.5(a) and 5.7(a) of MI 61-101, as his participation does not exceed 25% of the Company's market capitalization.","length":546,"tagNam...