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Silver47 Exploration and Summa Silver Announce Upsize of Brokered Financing to C$6 Million
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - Silver47 Exploration Corp. (TSXV: AGA) (OTCQB: AAGAF) ("Silver47") and Summa Silver Corp. ("Summa
About this update from Silver47 Exploration Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - Silver47 Exploration Corp. (TSXV: AGA) (OTCQB: AAGAF) (\"Silver47\") and Summa Silver Corp. (\"Summa\") (TSXV: SSVR) (OTCQX: SSVRF) (together, the \"Companies\") are pleased to announce that due to strong demand, the Companies have increased the size of its previously announced best efforts basis, brokered private placement offering to C$6,000,000 (the \"Offering\"), led by Research Capital Corporation (\"RCC\"), as co-lead agent and sole bookrunner, and together with Haywood Securities Inc., as co-lead agent, on behalf of a syndicate of agents, including Eventus Capital Corp. (collectively, the \"Agents\"). Pursuant to the upsize, the Offering consists of up to 24,000,000 subscription receipts of Summa (the \"Subscription Receipts\") at a price of $0.25 per Subscription Receipt. The Offering is being conducted in connection with Silver47 and Summa entering into an arm's length definitive arrangement agreement dated May 12, 2025 (the \"Arrangement Agreement\") for an at-market merger, pursuant to which Silver47 and Summa have agreed to combine their respective companies (the \"Transaction\") by way of a court-approved plan of arrangement. The combined company (the \"Combined Company\") is expected to continue under the name \"Silver47 Exploration Corp.\" Each Subscription Receipt will entitle the holder thereof, without payment of any additional consideration and without further action on the part of the holder, upon the satisfaction of the Escrow Release Conditions (as defined herein) to receive one unit of Summa (a \"Unit\"). Each Unit will consist of one common share of Summa (a \"Summa Share\") and one-half of one common share purchase warrant (each whole warrant, an \"Summa Warrant\"). Each Summa Warrant will entitle the holder to purchase one common share of Summa (a \"Warrant Share\") at an exercise price of $0.36 per Warrant Share until the date that is 24 months following the satisfaction or waiver of the Escrow Release Conditions (defined herein). In addition, Summa has granted the Agents an option to offer up to an additional number of Subscription Receipts for gross proceeds of up to 15% of the gross proceeds of the Offering at any time up to 48 hours prior to closing of the Offering. The net proceeds of the Offering will be used to fund a...