Silver Mines Limited (ASX:SVL) has successfully completed a capital raising of A$18M to institutional, professional and sophisticated investors. Demand for the Placement was well in excess of funds raised by the company.
The Placement was strongly supported by both existing shareholders and new investors, including Silver Mines directors, subject to shareholder approval.
After capital raising costs, the funds raised under the Placement will be used primarily for progression of and pre-development expenses including exploration associated with the company’s flagship Bowdens Silver Project in NSW, Australia.
Funding will also be made available for exploration activities at the company’s other projects and for corporate and general working capital purposes.
For further information please visit: https://www.silvermines.com.au/