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Kootenay Announces $5 Million Investment by Strategic Investor Eric Sprott
Kootenay Announces $5 Million Investment by Strategic Investor Eric Sprott Canada ...
About this update from Kootenay Silver Inc.
[{"type":"text","content":"\n\n\n\nKootenay Announces $5 Million Investment by Strategic Investor Eric Sprott\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Aug. 13, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, Aug. 13, 2019 /CNW/ - Kootenay Silver Inc.  (TSXV: KTN) (the \"Company\" or \"Kootenay\") is pleased to announce a non-brokered private placement of $5,000,000 consisting of 31,250,000 units (the \"Units\") at a price of $0.16 per Unit (the \"Placement Price\"). \n\n \n \n\n \nJames McDonald President and CEO stated \"We are very pleased to have the support of Mr. Eric Sprott as a major investor in Kootenay.  Having Mr. Sprott make a significant investment in the Company is a strong endorsement of our silver asset base. This financing puts us in a very strong financial position and allows us to move aggressively forward on not just Columba, but our other key assets as well.\"\nEach Unit consists of one common share (\"Common Share\") and one-half of one common share purchase warrant (\"Warrant\"). Each whole warrant entitles the holder to acquire one Common Share at an exercise price of $0.22 for a period of 36 months immediately following the closing date of the Private Placement.\nThe entire Private Placement is being fully subscribed and invested into by Mr. Eric Sprott. Upon completion of the financing Eric Sprott will hold 11.28% on a non-diluted basis and 16.02% on a partially diluted basis.\nA finder's fee of 4% of the gross proceeds of the Private Placement, will be paid to Mackie Research Capital Corporation who are an arms length finder and is payable in cash or Units, subject to TSX Venture Exchange approval.\nNet proceeds of the Private Placement will be used to advance exploration of the Columba Silver Project in Chihuahua State, Mexico, potentially adding a further drill rig to expedite the current drill program, and to fund further work at Copalito, La Cigarra and other projects as well as for general working capital p...