- Silver Mines has announced the successful completion of an A$10 million capital raising share placement
- The placement, conducted at an issue price of $0.10 per share, was offered to new and existing investors.
- Silver Mines intends to issue 100 million fully paid ordinary shares and will settle the placement on September 13
- The majority of capital raised will go towards expanding current exploration projects, such as Silver Mine’s flagship Bowdens Silver Project and the Barabolar Project in central NSW
Silver Mines has announced the successful completion of an A$10 million capital raising share placement.
Conducted with an issue price of $0.10 per share, the company offered the placement to a variety of institutional, professional and sophisticated investors.
Following the placement’s success, Silver Mines intends to issue 100 million fully paid ordinary shares. The placement shares will hold equal ranking with the ordinary shares in the company currently on issue, with placement settlement and the subsequent issuing of shares slated to take place on September 13.
The majority of capital raised will go towards expanding current exploration projects, such as Silver Mine’s flagship Bowdens Silver Project and the Barabolar Project in central NSW.
Silver Mines has also indicated the equity increase will help them complete an Environmental Impact Statement for the Bowdens Project in addition to funding the successive land acquisitions.
The Bowdens Silver Project explores Australia’s largest underdeveloped silver deposit. The recently consolidated project area stretches over 2000 square kilometres, containing substantial silver resources as well as highly mineralised Rylstone Volcanics.
While exploration at both prospects is still underway, Silver Mines has stated the projects “boast outstanding logistics for future mine development.”
Support for the company’s equity raising plan came from new and existing investors based in Australia and overseas, most notably from Sprott Asset Management, a Toronto-based institutional shareholder.
Silver Mines Managing Director Anthony McClure said support for the placement illustrated the potential of Silver Mines’ asset base.
“We are in a surging silver commodity price cycle and with our expansive exploration programs,” Anthony stated.
“We are looking forward to a particularly positive period for the company,” he concluded.