BP Silver arranges $8-million private placement

Executive Summary

• BP Silver Corp. has arranged a non-brokered private placement financing of up to C$8 million.
• The offering consists of 8 million units priced at $1.00 per unit, with net proceeds designated for exploration at the Cosuno silver project in Bolivia and general working capital.
• Each unit includes one common share and a half-warrant, exercisable at $1.30 per share for two years.

Key Details

• Financing Structure: Non-brokered private placement of up to $8 million.
• Units Issued: 8 million units.
• Price: $1.00 per unit.
• Gross Proceeds: Up to $8 million.
• Composition of Units: Each unit comprises one common share and one-half of one common share purchase warrant.
• Warrant Terms:
  • Exercise Price: $1.30 per warrant share.
  • Duration: Two years from the date of issuance.
• Use of Proceeds:
  • Exploration activities at the Cosuno silver project in Bolivia (specifically geophysical surveys and a Phase II drill program).
  • General working capital purposes.
• Regulatory Conditions: Closing is subject to regulatory approvals, including TSX Venture Exchange approval.
• Closing Structure: The offering may close in one or more tranches as subscriptions are received.
• Hold Period: Securities are subject to a statutory hold period of four months and one day from issuance.
• Finders' Fees: The company may pay finders' fees in cash and/or non-transferable warrants.

Notable Quotes

• "We are pleased to advance exploration at our flagship Cosuno project through this financing," said Tim Shearcroft, chief executive officer of BP Silver. "The planned geophysical surveys and phase II drill program will play a critical role in defining the extent of the mineralized system and unlocking the broader exploration potential of Cosuno."