Silver Mines secures $70M institutional commitment
- Silver Mines secured $70 million in firm commitments through a two-tranche placement to institutional and sophisticated investors.
- The new shares were issued at $0.15 each, representing a 10% discount to the company's five-day volume-weighted average price.
- Proceeds will fund the development of the Bowdens Silver Project, royalty acquisitions, land purchases, and ongoing mineral exploration.
Silver Mines (ASX:SVL) has secured $70 million in firm commitments through a two-tranche placement to institutional and sophisticated investors to advance its flagship project.
The fresh capital raise saw investor demand exceed the original target amount as the company looks to expand its funding position.
"The level of interest reflects the quality of the Bowdens Silver Project and the significant opportunity we see ahead for Silver Mines," said Silver Mines Managing Director Jo Battershill.
The transaction includes purchasing the Fitzroy Royalty and Asia Metals Royalty, alongside funding engineering studies, property acquisitions, and land access activities.
The company stated that the capital injection provides greater certainty to progress its main asset through development consent approvals.
Following the announcement, the Silver Mines share price was unchanged at $0.15.
The business continues to progress development approvals for its core Australian silver operations.
In addition to its local footprint, the company maintains exploration projects across the United States, including the Calico North and Kramer Hills assets.
