By Sheri Kasprzak
New York, March 2 - Fortuna Silver Mines Inc. said it has upsized to C$19.05 million its previously announced C$9 million private placement.
The company now plans to sell up to 12.7 million units at C$1.50 each, including the greenshoe for 1.5 million units fully exercised by a syndicate of placement agents led by Pacific International Securities Inc. and Salman Partners Inc.
The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$1.85 each for two years.
The deal priced on March 1 as a C$9 million offering of 6 million units.
The syndicate of agents also includes Sprott Securities Inc.
The placement 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$19.05 million
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| Units: | 12.7 million (includes 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. (lead), Salman Partners Inc. (lead), Sprott Securities Inc.
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| Pricing date: | March 1
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| Upsized: | March 2
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| Settlement date: | March 30
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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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| Stock price: | C$1.98 at close March 2
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