Saturday 16th October 2021 Font size:

Mexican Silver Mines Ltd. Completes $12.8 Million Private Placement

Wednesday, July 4th, 2007

Mexican Silver Mines Ltd. is pleased to announce that it has completed a private placement of 12,841,500 units at the price of C$1.00 per unit for gross proceeds of C$12,841,500. Each unit consists of one common share (“Common Share”) and one half of one common share purchase warrant (“Warrant”) of Mexican Silver. Each whole Warrant entitles the holder to acquire one additional Common Share at the price of $1.30 during the period expiring on June 29, 2009. The Common Shares and Warrants are subject to a restricted period that expires on October 30, 2007. The completion of the private placement is subject to regulatory approval.
The net proceeds from the private placement will be used to accelerate and expand the ongoing exploration program being conducted on Mexican Silver’s properties, to identify and evaluate producing or near producing silver mines with a view to their acquisition and for general working capital purposes.
After giving effect to the private placement, Mexican Silver has 40,051,436 Common Shares issued and outstanding.
Mexican Silver paid finders a fee of $884,905, being 7% of the gross proceeds received under the private placement, and issued to finders 884,905 finder’s options entitling the holders to purchase 884,905 units during the period expiring on June 29, 2009 upon payment of the exercise price of C$1.00.
Feisal Somji, President and CEO of Mexican Silver states “We are extremely pleased with the response and support we have received for Mexican Silver Mines and its projects. Although we are confident that the private placement could have been completed for our announced maximum proceeds of C$14 million, we limited the amount raised with a view to having a subscribers list comprised of what we consider to be an appropriate mix of institutional and retail investors. With these proceeds, we have a strong financial capacity to explore our properties and to also acquire new properties.”

< go back
Famur 2021
IME 2022
Media Packs
Advertise here