Canadian explorer Summa Silver Corp. (TSXV: SSVR) has announced it is seeking to raise up to C$10M with a brokered private placement financing of up to 12,500,000 units at a price of C$0.80 per unit. The company has entered into an agreement with Research Capital Corporation and Eventus Capital Corp., who will be co-lead agents and joint bookrunners.
Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each whole warrant shall be exercisable to acquire one common share at a price of C$1.20 per Common Share for a period of 36 months from the closing of the offering.
Galen McNamara, CEO of the company, said: “I would like to thank our shareholders and welcome new shareholders for their support and endorsement of the company.
“In less than three years since inception, we have come a long way on both of our landmark American high-grade silver projects. We very much look forward to advancing these projects efficiently while continuing to build relationships with all stakeholders, especially those near our projects in New Mexico and Nevada.”
The net proceeds of the offering will be used for further exploration work on the company’s projects and for general working capital purposes.
The offering is anticipated to close on or about 29 December 2022, or such later date as the company may determine. The closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.
About Summa Silver
Summa is a Canadian junior mineral exploration company. The company owns a 100% interest in the Hughes property located in central Nevada and has an option to earn 100% interest in the Mogollon property located in southwestern New Mexico.
The company’s Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the USA between 1903 and 1929. The Mogollon property is the largest historic silver producer in New Mexico.
Both properties have remained inactive since commercial production ceased and neither have seen modern exploration prior to the company’s involvement.
To find out more, please visit: https://summasilver.com/
