By Laura Lutz
Washington, Dec. 11 - Fortuna Silver Mines Inc. plans to conduct a private placement of units for up to C$11.4 million.
The company intends to sell up to 6 million units of one share and one half-share warrant at C$1.90 per unit. Each whole warrant is exercisable at C$2.30 for 18 months.
The agents, a syndicate co-led by Pacific International Securities Inc. and Sprott Securities Inc. and including Salman Partners Inc., also received an over-allotment option for up to an additional 6 million units.
Proceeds will be used to advance the company's San Jose project in Mexico, to repay a credit facility used to acquire its 76% interest in the project and for working capital.
Fortuna is a silver producer based in Vancouver, B.C.
| Issuer: | Fortuna Silver Mines Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$11.4 million
|
| Units: | 6 million
|
| Greenshoe: | For 6 million units
|
| Price: | C$1.90
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.30
|
| Agents: | Pacific International Securities Inc. (lead), Sprott Securities Inc. (lead), Salman Partners Inc.
|
| Pricing date: | Dec. 11
|
| Stock symbol: | TSX Venture: FVI
|
| Stock price: | C$2.10 at close Dec. 11
|
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