Blackrock Silver closes $14.99-million financing

Executive Summary

• Blackrock Silver Corp. has closed a non-brokered private placement raising gross proceeds of approximately $15 million CAD.
• The offering was led by Eric Sprott (via 2176423 Ontario Ltd.), who invested approximately $7 million CAD.
• Proceeds will be used to finance exploration, permitting, and predevelopment activities on the Tonopah West project, along with general working capital.

Key Details

• Gross Proceeds: $14,999,930 CAD (approx. $15 million).
• Units Sold: 13,636,300 units.
• Price Per Unit: $1.10 CAD.
• Unit Composition: Each unit consists of one common share and one-half of one common share purchase warrant.
• Warrant Terms: Each warrant entitles the holder to acquire one common share at an exercise price of $1.50 CAD. Warrants expire on January 8, 2028.
• Lead Investor: 2176423 Ontario Ltd., beneficially owned by Eric Sprott, purchased 6,363,600 units for $6,999,960 CAD.
• Finder’s Fee: Research Capital Corp. received a cash fee of $689,997 CAD.
• Finder’s Warrants: 627,270 non-transferable finder's warrants were issued, exercisable at $1.50 CAD per share until January 8, 2028.
• Use of Proceeds: Financing exploration, permitting, and predevelopment activities on the Tonopah West project, and for general working capital.
• Hold Period: Common shares, warrants, and finder's warrants are subject to a hold period expiring on May 9, 2026.
• Regulatory Context: The transaction constituted a related party transaction under TSX Venture Exchange Policy 5.9 and MI 61-101. The company relied on exemptions from formal valuation and minority shareholder approval requirements as the fair market value of the interested parties' interest did not exceed 25% of the company's market capitalization.

Notable Quotes

• "Supported by Eric Sprott and a new cornerstone investor, this $15-million financing meaningfully strengthens our balance sheet as we advance Tonopah West toward development. As an emerging American silver developer, we are accelerating permitting and derisking initiatives in 2026 to support the advancement of a secure, high-quality domestic source of silver for the U.S. market." — Andrew Pollard, President and CEO