BP Silver Closes Initial Tranche and Announces Upsize of Non-Brokered Private Placement to C$10 Million

Executive Summary

• BP Silver Corp. closed the initial tranche of its non‑brokered private placement, raising C$8.558 million at C$1.00 per unit.
• Due to strong investor demand, the total offering size was increased from a target of C$8 million to up to C$10 million, with additional tranches possible.
• Net proceeds will fund Phase II drilling and geophysical work at the Cosuño Silver Project in Bolivia, exploration at the Titiri prospect, evaluation of other high‑potential opportunities, and general working capital.

Key Details

• Initial Tranche: 8,558,000 units issued at C$1.00 per unit → gross proceeds C$8,558,000.
• Unit Composition: 1 common share + ½ of a common share purchase warrant (each whole warrant allows purchase of one common share at C$1.30 for two years).
• Upsized Offering: Aggregate gross proceeds now targeted up to C$10,000,000; additional tranches may be completed subject to regulatory approvals.
• Warrant Terms: Exercise price C$1.30 per warrant share; expiry 2 years from issuance date.
• Use of Proceeds:
• Geophysical surveys and Phase II drill program at Cosuño (Bolivia).
• Exploration work at Titiri prospect.
• Evaluation of other high‑potential projects.
• General working capital.
• Statutory Hold Period: All securities subject to a four‑month‑plus‑one‑day hold period under applicable securities laws.
• Finder’s Fees: C$157,920 paid; 157,920 finder’s warrants issued where applicable. Future tranches may incur additional finder fees.
• Related Party Transaction: Director Rob McMorran subscribed for 50,000 units (C$50,000). Exempt from formal valuation and minority‑shareholder approval under MI 61‑101 as the participation is <25% of market cap.
• Regulatory Conditions: Offering remains subject to final acceptance by the TSX Venture Exchange.

Notable Quotes

“The successful closing of the initial tranche, combined with the upsizing of the Offering, represents a strong endorsement of our flagship Cosuño project and long‑term vision,” – Tim Shearcroft, CEO, BP Silver Corp.

Materiality Assessment: Material – Positive** (significant capital raise that materially supports ongoing exploration programs).