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Sierra Madre Announces Closing of Second Tranche of $19.5 Million Best Efforts Private Placement of Units
Vancouver, British Columbia--(Newsfile Corp. - July 31, 2025) - Sierra Madre Gold and Silver Ltd....
About this update from Sierra Madre Gold & Silver Ltd.
[{"type":"text","content":"Sierra Madre Announces Closing of Second Tranche of $19.5 Million Best Efforts Private Placement of UnitsVancouver, British Columbia--(Newsfile Corp. - July 31, 2025) - Sierra Madre Gold and Silver Ltd. (TSXV: SM) (\"Sierra Madre\" or the \"Company\") is pleased to announce it has closed the second and final tranche (the \"Second Tranche\") of its previously announced brokered private placement offering of up to 27,858,000 units of the Company (each a \"Unit\") at a price of $0.70 per Unit (the \"Issue Price\"). The Second Tranche consisted of 2,500,000 Units for gross proceeds of $1,750,000 and for aggregate gross proceeds, together with the closing of the first tranche (the \"First Tranche\"), of $19,500,600 (the \"Offering\"). Beacon Securities Limited (\"Beacon\") acted as lead agent and sole bookrunner, on behalf of a syndicate of agents including Canaccord Genuity Corp. (together with Beacon, the \"Agents\") in connection with the Offering.Each Unit issued pursuant to Part 5A of National Instrument 45-106 - Prospectus Exemptions (\"NI 45-106\"), as amended and supplemented by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the \"Listed Issuer Financing Exemption\") consists of one common share in the capital of the Company (a \"Unit Share\"), and one half of one common share purchase warrant (each whole warrant a \"Warrant\") of the Company. Each Warrant entitles the holder thereof to acquire one common share (a \"Warrant Share\") at a price per Warrant Share of $0.85 for a period of 12 months from the closing of the First Tranche.The Company intends to use the net proceeds of the Offering to expand the capacity of the Guitarra mine, conduct a detailed exploration program, including drilling, at the East District, and for working capital and general corporate purposes.In connection with the closing of the Second Tranche, the Company paid the Agents a cash fee of $61,250 and issued to the Agents 87,500 compensation options (each, a \"Compensation Option\"). Each Compensation Option entitles the Agents to purchase one common share at the Issue Price during a term of 12 months from the closing of the First Tranche.Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the Units were offered for sale (i) to purchasers resid...