Business
Kuya Silver Announces Closing of $3.2 Million Private Placement Including Full Exercise of Agents' Option
Vancouver, British Columbia--(Newsfile Corp. - August 9, 2022) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya Silver")
About this update from Kuya Silver Corporation
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 9, 2022) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the \"Company\" or \"Kuya Silver\") is pleased to announce that it has completed its previously announced \"best efforts\" private placement of units of the Company (\"Units\") at a price of $0.45 per Unit (the \"Private Placement\"), which was led by Canaccord Genuity Corp. and Research Capital Corporation (the \"Co-Lead Agents\") and including Red Cloud Securities Inc. (collectively, the \"Agents\"). The Company sold an aggregate of 5,718,000 Units, which includes the full exercise of the Agents' option to purchase up to an additional 15% of the Units of the Private Placement, for aggregate gross proceeds of $2,573,100. Concurrently with the Private Placement, the Company sold an aggregate of 1,320,000 Units on a non-brokered private placement basis on the same terms as the Private Placement, for additional gross proceeds of $594,000 (the \"NBPP\"). The Company intends to use the proceeds from the issuance of the Units for general working capital purposes. Each Unit consists of one common share of the Company (a \"Common Share\") and one transferable Common Share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.70 for a period of five years following the closing of the Private Placement. As consideration for the services provided by the Agents, the Company paid the Agents cash fees totalling $190,026, being 6.0% of the aggregate gross proceeds from the sale of the Units, and issued to the Agents 422,280 non-transferrable broker warrants (each, a \"Broker Warrant\"), being equal to 6.0% of the number of Units sold pursuant to the Private Placement and the NBPP. Each Broker Warrant entitles the holder to purchase one Common Share at an exercise price of $0.45 for a period of two years following the date hereof. The Private Placement and the NBPP were conducted in all provinces of Canada pursuant to private placement exemptions, in the United States to \"qualified institutional buyers\" and \"accredited investors\" pursuant to exemptions from registration under the United States Securities Act of 1933, as amended, and in such other jurisdictions as are agreed to by the Company and the Agents in accordance with applicable la...