Unico Silver completed an $8 million placement through firm commitments from institutional and sophisticated investors.
The placement will issue new fully paid ordinary shares at 17 cents per share, reflecting a 1.8% premium to the 15-day volume-weighted average price of 16.7 cents.
Managing Director Todd Williams expressed gratitude towards investors, stating, "Unico Silver thanks its existing shareholders for the continued support and welcomes new shareholders to the register."
"This placement provides important funds to close the transformative Joaquin acquisition and to complete a maiden drill program at Cerro Leon," Williams added.
The placement will support the closing of the Joaquin transaction, obtaining drill approvals for both Joaquin and Cerro Puntudo properties, and initiating drilling at Cerro Leon by the fourth quarter.
Taylor Collison and SCP Resource Finance acted as joint lead managers, with Whistler Wealth Management as co-manager.
Settlement of the new shares is anticipated to occur on Aug. 27, with the allotment scheduled for Aug. 28.
The issuance of 47.05 million new shares will occur under the company's existing capacity for new equity issuances, hence no shareholder approval is required.
Unico Silver is a silver development company. The company is engaged in the exploration and evaluation of mineral deposits.
The company operates in two segments: Australia projects and Argentina projects. It is focused on making new discoveries in the Santa Cruz gold and silver province, in southern Argentina.
At the time of reporting, Unico Silver’s share price was $0.19.