Summa Silver Corporation (TSXV: SSVR) (OTCQB: SSVRF) has announced that it has increased the size of its previously announced brokered private placement offering of units of the company at a price of C$0.90 per unit for gross proceeds of up to C$10M. The initial private placement offering was at a price of C$0.90 per unit for gross proceeds of up to C$6M.
According to the Summa Silver’s report, the offering is being conducted by Research Capital Corporation and Eventus Capital Corporation, as co-lead agents and joint bookrunners. Participation in the offering is expected to include Mr. Eric Sprott and First Majestic Silver Corporation (TSX: FR).
Galen McNamara, CEO of Summa Silver, stated: “The participation of First Majestic and Mr. Eric Sprott in the current financing represents a significant endorsement of Summa Silver’s ongoing work and future potential at our two high grade US silver projects. This year will be transformative for the company as we aggressively advance both projects.”
The net proceeds from the offering are expected to be used for exploration, corporate development, and general working capital purposes. Closing of the offering is expected to occur around February 10, 2022, and is subject to certain customary conditions including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange.
Summa Silver the company
Summa Silver Corporation is a Canadian junior mineral exploration company. The company has options to earn 100% interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929.
The mine has remained inactive since commercial production ceased in 1929 due to heavily depressed metal prices and little to no modern exploration work has been completed prior to the Company acquiring an interest in the property.
For more information, visit: https://summasilver.com/