Kootenay Silver Inc. (TSX.V: KTN),
Announced that it has entered into an agreement with Mackie Research Capital Corporation, as lead agent and sole bookrunner in connection with a best efforts, private placement of units of the Company at a price of $0.40 per Unit for gross proceeds of up to $5,000,000.
Kootenay Silver to raise C$5 million in a private placement
VANCOUVER, BC, July 28, 2020 /CNW/ – Kootenay Silver Inc. (“Kootenay” or the “Company”) (TSXV: KTN), is pleased to announce that it has entered into an agreement with Mackie Research Capital Corporation, as lead agent and sole bookrunner (the “Lead Agent“), on its own behalf and, if applicable, on behalf of a syndicate of agents (together with the Lead Agent, the “Agents“) in connection with a best efforts, private placement of units of the Company (the “Units“) at a price of $0.40 per Unit (the “Offering Price“) for gross proceeds of up to $5,000,000 (the “Offering“).
Each Unit will be comprised of one common share of the Company (a “Common Share“) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share“) at a price of $0.55 per Warrant Share for a period of 24 months from the closing of the Offering.
The Agents will have an option (the “Agents’ Option“) to offer for sale up to an additional 15% of the number of Units sold in the Offering at the Offering Price, which Agents’ Option is exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the Offering.
The Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes.
Kootenay Silver Inc. is a Canadian and Mexican based silver exploration company actively engaged in the development of two major silver projects in Mexico, including the La Cigarra Silver project in Chihuahua, and the Promontorio and La Negra silver discovery in Sonora, Mexico. The Company has a leading growth profile highlighted by one of the largest junior owned silver asset bases in Mexico and a large generative portfolio of precious metals exploration projects located in Canada and Mexico.
Although every care has been taken to ensure that this data is accurate, City Investors Circle cannot accept responsibility for sourcing variances, mistakes, errors, omissions, nor for any action taken in reliance thereon.