Business
GSilver Closes C$8.19M First Tranche of Private Placement
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About this update from Guanajuato Silver Company Ltd.
[{"type":"text","content":"GSilver Closes C$8.19M First Tranche of Private PlacementTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / December 1, 2021 / Guanajuato Silver Company Ltd. (the \"Company\" or \"GSilver\") (TSXV:GSVR)(OTCQX:GSVRF) is pleased to announce that it has closed the first tranche of its non-brokered private placement offering (the \"Offering\") of up to 16,000,000 units (the \"Units\") at a price of C$0.55 per Unit first announced on November 18 (see Guanajuato Silver news releases dated November 18, 2021 & November 29, 2021). The Company has issued a total of 14,957,672 Units for gross proceeds of $8,195,920; each Unit consists of one common share of the Company and one half (1/2) of a common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder to purchase an additional common share of the Company at a price of C$0.75 for a period of two years from of closing, subject to acceleration in certain events.James Anderson, Chairman & CEO, commented, \"Participation from all of our largest shareholders - Endeavour Silver Corp., Myrmikan Capital LLC., VBS Exchange PTY Ltd., - in this strategic financing affirms the tremendous value and potential of our precious metals mines, while also endorsing our vision for growth and expansion within the Guanajuato Mining District. With a healthy treasury now in place, we will continue to focus on successfully completing the ramp-up at El Cubo, which is intended to see increasing mined tonnage, higher precious metal grades, overall improved recoveries, and above all, consistent silver-gold concentrate sales.\"Certain directors and officers of the Company also purchased, directly or indirectly, an aggregate of 2,712,400 Units totalling C$1,491,820 of the Offering.The net proceeds from the Offering will be used to fund the ongoing exploration, development, and expansion of the Company's El Cubo mine and mill complex and El Pinguico silver and gold project, and for general corporate and working capital purposes.The Company has paid finder's fees in connection with the first tranche of the Offering totalling approximately $80,700 cash and finder warrants to purchase up to 78,144 common shares of the Company on the same terms as the Warrants in accordance with the policies of...