Business
Reyna Silver Announces Closing of Upsized Brokered Private Placement For C$5.0 Million
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED S...
About this update from Reyna Silver
[{"type":"text","content":"Reyna Silver Announces Closing of Upsized Brokered Private Placement For C$5.0 MillionNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC and HONG KONG, CHINA / ACCESSWIRE / June 24, 2022 / Reyna Silver Corp. (TSXV:RSLV; OTCQX:RSNVF; FRA:4ZC) (\"Reyna\" or the \"Company\") is pleased to announce the closing of its previously announced \"best efforts\" private placement (the \"Offering\") for gross proceeds of C$5,000,000. The Offering was upsized from its original gross proceeds of up to C$3,000,000 and includes the full exercise of the Agent's over-allotment option. Under the Offering, the Company sold 13,888,889 units of the Company (the \"Units\") at a price of C$0.36 per Unit. Red Cloud Securities Inc. (the \"Agent\") acted as sole agent and bookrunner under the Offering.Each Unit is comprised of one common share of the Company (each, a \"Unit Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant shall be exercisable to acquire one common share of the Company (each, a \"Warrant Share\") at a price of C$0.50 at any time on or before June 24, 2024.The Company intends to use the net proceeds from the Offering for the exploration of the Company's Guigui and Batopilas properties in Chihuahua, Mexico, other exploration work, and for general corporate and working capital purposes. The Unit Shares, Warrants, and Warrant Shares will have a hold period ending on October 25, 2022. The Offering is subject to final approval of the TSX Venture Exchange.The Agent and members of its selling group received total cash commissions of C$225,702 and were issued a total of 624,999 warrants (each, a \"Broker Warrant\"). Each Broker Warrant is exercisable to purchase one Unit at a price of C$0.36 at any time on or before June 24, 2024. In addition, the Company issued 1,950 broker warrants that are exercisable to purchase common shares of Reyna at a price of C$0.36 per share at any time on or before June 24, 2024.The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws, and accordingly, may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in R...