Zacatecas Silver $15MM Subscription Receipt Offering THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
TORONTO, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Zacatecas Silver Corp. (“Zacatecas Silver” or the “Company”) (TSXV: ZAC; OTC: ZCTSF) is pleased to announce that it has entered into an agreement with Clarus Securities Inc. as lead agent and sole bookrunner on behalf of a syndicate of agents (collectively, the “Agents”), whereby the Agents will raise up to $15,000,700 (the “Offering”) through an Offering of up to 13,637,000 subscription receipts of the Company (the “Subscription Receipts”) to be priced at $1.10 per Subscription Receipt. Each Subscription Receipt is convertible into one Unit of the Company (each, a “Unit”) upon the completion of certain Escrow Release Conditions (as defined below). Each Unit will consist of one Common Share (each, a “Common Share”) and one half of one Common Share purchase warrant (each full warrant, a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Common Share at a price of $1.50 per Common Share for a period of 24 months following the Closing date. The Offering is expected to close on or about March 22, 2022 (the “Closing Date”).
The proceeds raised from the Offering will be used partially to satisfy the USD$5,000,000 cash consideration in connection with the acquisition of the Esperanza Project from Alamos Gold Inc., begin advancing the Esperanza Project towards production, fund the ongoing drill program at the Company’s existing silver project, and general working capital purposes.
Zacatecas Silver Announces $15MM Subscription Receipt Offering