Pacifica Silver closes first tranche of financing

Executive Summary

• Pacifica Silver Corp. has closed the first tranche of its previously announced $10-million non-brokered private placement financing.
• The company issued 19.1 million units at $0.50 per unit, raising aggregate net proceeds of $9.55 million.
• Prominent new shareholders include Vizsla Silver Corp., First Majestic Silver Corp., Silvercorp Metals Inc., and Eric Sprott.

Key Details

• Transaction Structure: Non-brokered private placement; first tranche closed.
• Units Issued: 19.1 million units.
• Price: $0.50 per unit.
• Gross Proceeds: $9.55 million.
• Warrant Terms: Each unit includes one common share and one-half of one common share purchase warrant. Warrants allow purchase of additional shares at an exercise price of $0.80 for a period of 36 months following closing.
• Resale Restrictions: Units are subject to a 4-month hold period until December 22, 2025.
• Use of Proceeds: Upcoming exploration and drill work at the Claudia project in Durango, Mexico, and general working capital.
• Insider Participation: Three insiders subscribed for 450,000 units for gross proceeds of $225,000. This is considered a related party transaction under Multilateral Instrument 61-101, exempt from formal valuation and minority shareholder approval requirements.
• Future Tranche: The company expects the second tranche of the offering to close on or about August 29, 2025.
• Fees: No finders' fees were paid.

Notable Quotes

• "We are grateful for the overwhelming support we have received for this financing, and are thrilled to welcome several prominent silver mining companies and renowned investor Eric Sprott as new shareholders," stated Todd Anthony, president and chief executive officer of Pacifica Silver. "We deeply value the trust that our new and existing shareholders have placed in our team's vision and expertise. With this support, we are eager to launch an initial plus-8,000-metre drill program at our Claudia project in Mexico this fall, aimed at unlocking its vast potential."