By Sheri Kasprzak
New York, Aug. 3 - Fortuna Silver Mines Inc. said it has arranged a private placement for up to C$9 million.
The company plans to sell up to 12 million units at C$0.75 each.
The units are comprised of one share and one warrant. The warrants allow for the purchase of an additional share at C$1.00 each for the first year and C$1.25 each for the second year.
Pacific International Securities Inc. will act as placement agent for 8 million of the units, and the remainder will be sold on a non-brokered basis.
Pacific International has an over-allotment option for up to 1.6 million additional units.
Based in Vancouver, B.C., Fortuna is a silver exploration company focused on properties in Latin America. The proceeds will be used for payments related to the company's acquisition of the Caylloma mine in Peru, for exploration and development and for working capital.
| Issuer: | Fortuna Silver Mines Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$9 million (maximum)
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| Units: | 12 million
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| Greenshoe: | For up to 1.6 million additional units
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| Price: | C$0.75
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00 for the first year; C$1.25 for the second year
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| Placement agent: | Pacific International Securities Inc. (for 8 million units)
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| Pricing date: | Aug. 3
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| Stock price: | C$0.75 at close Aug. 3
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