Mining firm Silver Mountain Resources Inc. is looking to go public on the TSX Venture Exchange. The firm announced today that it is seeking to raise a total of $23 million in its initial public offering.
The proposed offering will be conducted through the issuance of 46.0 million company units selling at $0.50 per share. This is an upsize from the original plan of raising $15 million in the IPO. Each company unit will comprise of one common share and one-half purchase warrant, with each whole warrant exercisable to acquire one common share at $0.70 per share within 24 months following the closing.
The offering is being managed by Eight Capital and Sprott Capital Partners leading a syndicate of underwriters, which were given a 30-day overallotment option to purchase additional 6.9 million units at the same IPO price.
The silver miner plans to restart the Reliquias underground mine at the Castrovirreyna project in Huancavelica, Peru.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.