Summa Silver (TSXV: SSVR) (OTCQB: SSVRF) has announced that it has closed its brokered private placement offering of aggregate gross proceeds to the company of approximately C$11.5M. Mr. Eric Sprott and First Majestic Silver Corporation have reportedly subscribed into the offering as lead subscribers.
The offering has been upsized twice from an initial amount of C$6M, first to C$10M, and finally closing at a total of C$11.5M.
Summa Silver expect the net proceeds from the offering to be used for exploration, corporate development, and general working capital purposes.
“Closing this financing places the company in a strong position to aggressively drill two high-grade silver projects in the United States in 2022,” said Galen McNamara, chief executive officer of the company. “I would like to thank all new and existing shareholders whose support we are grateful for. We look forward to the continued pursuit of high-grade silver mineralization over the coming weeks and months.”
