Source: Silver Bullet Mines Corp.
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  • Silver Bullet Mines Corp. (SBMI) has closed the second tranche of its private placement financing
  • The company issued 2,205,188 units priced at $0.40 for proceeds of $810,075
  • The first tranche of the placement raised $764,000
  • The proceeds will be used to put the Buckeye Silver Mine into pilot production and to advance work at the silver and gold Washington Mine in Idaho
  • Silver Bullet Mines is focused on the discovery and development of mineral deposits
  • Shares of Silver Bullet Mines Corp. (SBMI) are unchanged on the day, trading at C$0.485 at 2 pm EST

Silver Bullet Mines Corp. (SBMI) has closed the second tranche of its private placement financing, bringing the total raised to date to $1,574,075.

The company issued 2,205,188 units priced at $0.40 for proceeds of $810,075. Each unit consists of one common share and one full warrant with a 24-month term.

The first tranche of the offering raised $764,000. SBMI will close on at least one additional tranche before March 26, 2022.

The proceeds will be used to put the Buckeye Silver Mine into pilot production, to advance work at the past-producing silver and gold Washington Mine in Idaho, and for working capital.

A. John Carter, SBMI’s CEO commented on the financing.

“This financing is a success for the company and the shareholders. Our original minimum target was $500,000 and the investors blew that number away. The funds raised in this financing have been budgeted to be more than enough to put the Buckeye Mine into production, to complete our mill, and to advance the Washington Mine to where it can be ready for mineral extraction.”

Silver Bullet Mines is focused on the discovery and development of mineral deposits primarily in Arizona with additional mineral properties in Idaho and Nevada.

Shares of Silver Bullet Mines Corp. (SBMI) are unchanged on the day, trading at C$0.485 at 2 pm EST.

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