By Sheri Kasprzak
New York, March 1 - Fortuna Silver Mines Inc. said it plans to raise up to C$9 million in a private placement.
The offering includes up to 6 million units at C$1.50 each.
Each unit is comprised of one share and one half-share warrant. The full warrants are exercisable at C$1.85 each for two years.
A syndicate of placement agents led by Pacific International Securities Inc. and Salman Partners Inc. and including Sprott Securities Inc. has a greenshoe for up to 1.5 million additional units.
The deal is expected to close March 30.
Proceeds will be used for capital expenses from the reopening of the company's Caylloma Mine in Peru. The rest will be used for exploration on the company's Peruvian and Mexican properties and for working capital.
Based in Vancouver, B.C., Fortuna is a silver exploration company.
Issuer: | Fortuna Silver Mines Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$9 million (maximum)
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Units: | 6 million (maximum)
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Greenshoe: | For 1.5 million units
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Price: | C$1.50
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$1.85
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Placement agent: | Pacific International Securities Inc. (co-lead), Salman Partners Inc. (co-lead); Sprott Securities Inc.
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Pricing date: | March 1
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Stock symbol: | TSX Venture: FVI
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Stock price: | C$1.74 at close March 1
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