BP Silver Closes Second Tranche of Non-Brokered Private Placement

Executive Summary

• BP Silver Corp. closed the second tranche of its non‑brokered private placement, raising C$825,067 in gross proceeds.
• Combined with the first tranche, total funds raised to date equal C$9,383,067, up‑sized from the original C$8 million target to C$10 million due to strong demand.
• Net proceeds are earmarked for exploration at the Cosuño Silver Project in Bolivia (geophysical surveys and Phase II drilling), potential work at the Titiri project, evaluation of other opportunities, and general working capital.

Key Details

• Units Issued: 825,067 units at C$1.00 per unit → gross proceeds C$825,067.
• Unit Composition: Each unit = 1 common share + ½ warrant; each whole warrant allows purchase of one common share at C$1.30 for two years from issuance.
• Aggregate Funding: First tranche C$8,558,000 + second tranche C$825,067 = C$9,383,067 total gross proceeds.
• Offering Upsize: Original target C$8 million increased to C$10 million because of investor demand.
• Use of Proceeds:
• Geophysical surveys and Phase II drill program at Cosuño Silver Project (Bolivia)
• Exploration activities at Titiri project
• Evaluation of additional high‑potential opportunities
• General working capital
• Statutory Hold Period: All securities subject to a four‑month‑plus‑one‑day hold period per applicable securities laws.
• Finder’s Fees & Warrants: Paid C$27,000 in finder’s fees; issued 27,000 non‑transferable finder’s warrants exercisable at C$1.30 per share for two years.
• Future Tranche: Company expects to complete a third and final tranche of the offering pending customary closing conditions and regulatory approvals.
• Regulatory Note: Offering remains subject to final acceptance by the TSX Venture Exchange; securities not registered under U.S. law and not offered in the United States.

Notable Quotes

(No direct quotes were provided in the release.)