Business
IMPACT COMPLETES $15 MILLION PRIVATE PLACEMENT FINANCING
IMPACT COMPLETES $15 MILLION PRIVATE PLACEMENT FINANCING
About this update from Impact Silver Corp.
[{"type":"text","content":"\nIMPACT COMPLETES $15 MILLION PRIVATE PLACEMENT FINANCING\n\n\n Dec. 15, 2010 (TheNewswire.ca) -- IMPACT Silver Corp. (\"IMPACT\" or the \"Company\") is pleased to announce that it has completed its recently announced private placement to raise gross proceeds of $15,000,000. The Company issued 12,000,000 units at a price of $1.25 per unit (each a \"Unit\"), of which 8,750,000 Units were sold pursuant to a brokered portion of the private placement and 3,250,000 Units were sold pursuant to a non-brokered portion of the private placement. Each Unit is comprised of one common share of the Company and one-half of a non-transferrable common share purchase warrant, each whole warrant (a \"Warrant\") is exercisable at $1.75 to purchase one common share of the Company until December 14, 2012. The Company shall be entitled to accelerate the expiry date of the Warrants to a date which is at least thirty (30) days from the date notice of such acceleration is provided to the holders of Warrants in the event that the common shares of the Company trade on the TSX Venture Exchange at a volume weighted average price of $2.50 or more for a period of at least ten (10) consecutive trading days.Fraser Mackenzie Limited (the \"Agent\") acted as agent for the brokered portion of the private placement and was paid a cash commission of $693,750 and was issued an agent's warrant exercisable for 555,000 agent's units (each an \"Agent's Unit\"), entitling the Agent to subscribe for the Agent's Units at a price of $1.25 per Agent's Unit until December 14, 2012, subject to the acceleration provisions applicable to the Warrants. Each Agent's Unit is comprised of one common share of the Company and one-half of a non-transferrable common share purchase warrant, each such whole warrant is exercisable at $1.75 to purchase one common share of the Company until December 14, 2012, subject to the acceleration provisions applicable to the Warrants.All of the securities issued and issuable pursuant to the private placement are subject to a hold period in Canada and may not be traded therein, unless otherwise permitted under securities legislation, until April 15, 2011.Proceeds of the private placement will be used to accelerate the development and expansion of the Company's mineral properties in Mexico including the 423-square-kilometer Royal Mines of Zacualpan Silver...