Reyna Silver (RSLV.V) is taking advantage of the financing window in the junior exploration phase as the company agreed to raise C$5M in a brokered financing with 6.03M units priced at C$0.83 per unit. Eight Capital and Red Cloud Securities will act as co-lead agents in this unit offering where each unit will consist of a common share of Reyna as well as half a warrant with each warrant entitling the warrant holder to acquire an additional share at C$1.25 during the first 24 months after closing the financing.
The technical advisor to Crescat Capital, which provided the lead order in this financing, is charmed by the drill programs at both Guigui and Batopilas and the proceeds of the financing will now be used to aggressively expand the drill programs. The Batopilas drill program (which will start in the second week of June) will be doubled to 10,000 meters while the Guigui drill program will be expanded by 20%, from 10,000 meters to 12,000 meters.
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