Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Summa Silver Corp. (SSVR) has closed a brokered private placement for gross proceeds of approximately $10,312,300
  • Mr. Eric Sprott acquired 3,750,000 units for a total investment of $3,000,000
  • The net proceeds will be used for further exploration work on the company’s projects and for general working capital purposes
  • Summa is a Canadian junior mineral exploration company with a 100 per cent interest in the Hughes property in Nevada
  • Summa Silver Corp. (SSVR) opened trading at C$0.79

Summa Silver Corp. (SSVR) has closed its previously announced brokered private placement for gross proceeds of approximately $10,312,300.

The company issued 12,890,375 units, including the partial exercise of the agents’ option, at a price of $0.80 per unit. Each unit includes one common share and one-half of one common share purchase warrant. Each whole warrant may be exercised to acquire one additional common share at a price of $1.20 for a period of 36 months from the closing of the offering.

Mr. Eric Sprott acquired 3,750,000 units for a total investment of $3,000,000.

CEO Galen McNamara commented on the successful capital raise.

“Firstly, I would like to thank all of our shareholders for their support. Closing this financing places the Company in a strong position to start 2023. The fundamentals for silver look strong and will be increasingly bolstered by the expected increase in demand from the solar and electric vehicle sectors. It is our goal that one day the silver deposits we uncover will help bring more prosperity to the regions of New Mexico and Nevada where we work while protecting the environment and preserving the rural lifestyles of these two special parts of America.”

The net proceeds will be used for further exploration work on the company’s projects and for general working capital purposes.

All securities issued are subject to a statutory four-month hold period.

The offering was led by Research Capital Corporation and Eventus Capital Corp. on behalf of a syndicate of agents, including Canaccord Genuity Corp. and Eight Capital.

The company paid the agents a cash commission equal to 6 per cent of the gross proceeds of the offering and issued 763,673 broker warrants. In addition, the agents received an aggregate advisory fee of $7,800 and 9,750 advisory broker warrants.

Summa is a Canadian junior mineral exploration company. The company owns a 100 per cent interest in the Hughes property in central Nevada. It has the option to earn a 100 per cent interest in the Mogollon property in southwestern New Mexico. 

Summa Silver Corp. (SSVR) opened trading at C$0.79.


More From The Market Herald
Parkview Project in New World Island, Newfoundland

" Lithium One (TSXV:LONE) expands land position in Northwest Ontario

Lithium One Metals (LONE) has signed an agreement to acquire an additional lithium property.

" Candente Copper (TSX:DNT) Closes Private Placement With Fortescue Metals

Candente Copper (DNT) closes the previously announced private placement with Nascent Exploration Fortescue Metals Group, raising $4,000,000.

" BeWhere (TSXV:BEW) launches BeMini asset tracker on Geotab Marketplace

BeWhere (BEW) announced the launch of its BeMini on Geotab’s Marketplace.

" LithiumBank (TSXV:LBNK) to develop Boardwalk and Park Place lithium brine projects

LithiumBank Resources (LBNK) has released key milestones for its Boardwalk and Park Place lithium projects.