Silver North Resources (SNAG.V) is currently conducting a private placement priced at C$0.16 per hard dollar unit (for total proceeds of C$0.25M) and C$0.225 per charity flow-through unit (for total proceeds of C$1M). Each unit will consist of a common share and flow-through share respectively, but the warrant terms are the same. Both unit types will contain a full warrant with an exercise price of C$0.35 valid for a period of four years after closing the raise. A first tranche of 2.5M charity flow-through units has already closed for total proceeds of C$0.56M.

The proceeds of the flow-through financing will have to be used before the end of this year, which shouldn’t be a problem as Silver North will likely get pretty active on its fully owned Haldane silver project, which is located adjacent to Hecla Mining’s (HL) Keno Hill mine area.

Disclosure: The author has no position in Silver North Resources. Please read the disclaimer.

Leave a comment