The Company intends to use the net proceeds of the Offering for the exploration of its San Jose Project and for general corporate and working capital purposes.
Commenting from the Copalquin Project in Mexico, Mithril’s Chief Executive Officer, John Skeet, said: “It is impressive to see firsthand the effort of the entire team and our first-rate contractors here in Mexico, in addition to all the support from Mithril, Australia. Chief Geologist, Hall Stewart and his team have done a wonderful job reaching this milestone within months of the transaction closing, and in these challenging times; a testament to the extensive experience and professionalism within Mithril’s team.”
The Company intends to use the net proceeds of the unit private placement to conduct exploration work on its Tombstone CRD silver-gold-lead-zinc-copper project in Arizona and its Cervantes Porphyry gold-copper project in Mexico, and for general working capital purposes.
Golden Minerals Company announced today the closing of its previously announced public underwritten offering of 20,535,714 shares of common stock of the Company, including the exercise in full by the underwriter of its option to purchase an additional 2,678,571 shares of common stock, at a price to the public of $0.42 per share.
Bob Willis, CEO and director, stated, “This is a very exciting time for all San Marco shareholders as we are now fully financed for a 10,000m drill program scheduled to start very shortly. We welcome our new strong institutional investor base and are looking forward to expand on the excellent results to date at the Buck Property.”
Mr. Eric Sprott commented, “Discovery provides unmatched leverage to a rising silver price and I am very encouraged to see the Discovery team continue to execute on their plans at the Cordero project. I have continually grown my position in the Company and it is now one of my largest investments in the silver space.”
The Phase 1 exploration program has been designed to refine targeting at Cerro Magallanes which is a large rhyolite flow dome complex, host of several historic workings and multiple high-grade gold mineral occurrences. Additionally, the program will focus on expanding knowledge on the sedimentary hosted mineralized targets, including to-date a total of five gold-mineralized areas.
GR Silver Mining President and CEO, Marcio Fonseca, commented, “The Company has prioritized the validation of the drill holes at the San Juan-La Colorada Area, focusing on expansion of mineralization along strike and down-dip. These latest results confirm high-grade mineralization extending to the S towards the San Francisco Area, suggesting potential to outline a large low sulphidation epithermal system with at least a 1000 m strike length”.
Evrim will transfer a 100% interest in the La Lola and Cumaro properties in exchange for a respective 2% NSR and 1% NSR on any future production.
Transformative acquisition of Sun Minerals Pty Ltd completed. Experienced mining and exploration developers, John Skeet and Hall Stewart appointed. Capital raising successfully completed for $5.92M (before costs) to fully fund the maiden drilling program at the flagship Copalquin Gold Silver Project.
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