It took a few months, but the reverse take-over of Century Metals (CMET.V) by Reyna Silver has now been completed and the new entity is now trading with RSLV as its ticker symbol. After the initially agreed 6.4:1 rollback of the Century shares, there will be 73.15 million shares outstanding in Reyna Silver and the company will have around C$6M in cash (the most recent capital raise was conducted at 20 cents per share) which will allow it to hit the ground running in Mexico.

Reyna has a list of strong shareholders with 60% owned by institutional investors and insiders and MAG Silver (MVG, MAG.TO) owns 19.9% of the shares and is lending Peter Megaw to Reyna Silver as Chief Technical Advisor. The initial focus will be on the Guigui and Batopilas silver properties in Mexico, and while Reyna still was a private company, it worked on defining drill targets in preparation for a drill program in the next quarter.

As there are only a handful of silver exploration companies, it will be interesting to see what Reyna Silver will start trading at later today. The most recent raise before going public was conducted at C$0.20.

Disclosure: The author has a long position in Reyna Silver.

Leave a comment