Silver Dollar closes $560,000 private placement Silver Dollar closes $560,000 private placement
2020-12-29 09:49 ET - News Release
Mr. Michael Romanik reports
SILVER DOLLAR CLOSES NON-BROKERED PRIVATE PLACEMENT FINANCING
Silver Dollar Resources Inc. has completed a non-brokered private placement of 400,000 common shares at a price of $1.40 per share to raise $560,000 in gross proceeds.
First Majestic Silver Corp. subscribed for 200,000 shares or $280,000 of the Offering. This investment results in First Majestic holding approximately 16.3 percent of Silver Dollar's issued and outstanding common shares.
All securities issued pursuant to this Offering will have a hold period expiring four months after the closing date.
The net proceeds of this financing will be used to fund the Company's exploration and development work on its projects in Red Lake, Ontario, Canada and Durango, Mexico, and for general working capital purposes.
Silver Dollar relied on subsections 5.5(b) and 5.7(1)(a) of Multilateral Instrument 61-101 to exempt the offering from the requirements for a formal valuation and minority shareholder approval.
About Silver Dollar Resources Inc.
Silver Dollar Resources is a mineral exploration company focused on creating shareholder value by finding and developing economic precious and base metal deposits. Having completed its initial public offering in May 2020, the Company trades on the Canadian Securities Exchange under the symbol "SLV". Silver Dollar's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration/development stage La Joya Silver Project in Durango, Mexico, and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing projects in mining-friendly jurisdictions internationally for potential acquisition.