Silver One Resources increases financing to $32-million

Executive Summary

• Silver One Resources Inc. has upsized and closed its non-brokered private placement financing, increasing the total aggregate gross proceeds to $32,000,340 due to strong investor demand.
• The company issued 55,173,000 units at a price of $0.58 per unit, with each unit comprising one common share and one-half of one common share purchase warrant.
• Net proceeds will be primarily allocated to drilling programs, exploration, metallurgical work, and a prefeasibility study at the Candelaria project, along with general working capital.

Key Details

• Transaction Size: Upsized to $32,000,340 in aggregate gross proceeds.
• Units Issued: 55,173,000 units.
• Price: $0.58 per unit.
• Warrant Terms: Each unit includes one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of $0.80 per share.
• Warrant Expiry: Three years from the date of issue.
• Use of Proceeds:
  • Drilling program at the Candelaria project.
  • Exploration and geophysics work at mineral properties.
  • Metallurgical and environmental work at the Candelaria project.
  • Preparing a prefeasibility study on the Candelaria project.
  • Annual mineral claim payments to the Bureau of Land Management.
  • Exploration drilling at mineral properties.
  • General working capital purposes.
• Regulatory Status: Offered pursuant to Part 5A of National Instrument 45-106 and Coordinated Blanket Order 45-935. Securities to Canadian subscribers are not subject to a hold period.
• Closing: The order book is closed. Closing is expected within three weeks, subject to TSX Venture Exchange approval.
• Finder's Fees: The company may pay finders' fees as permitted by applicable securities laws and TSX Venture Exchange rules.

Notable Quotes

• No direct quotes from management were included in the provided text.