Silver Mines raises exploration funds
PERTH (miningweekly.com) – ASX-listed Silver Mines has completed a A$10-million capital raise to institutional and sophisticated investors to fund exploration activities.
Silver Mines will issue 100-million new shares, at 10c each, under its existing placement capacity.
The funds raised under the placement will underpin the expansion of exploration activities, including drilling at the Bowdens silver project and the Barabolar project, in central New South Wales, as well as the completion of the environmental impact statement for the Bowdens project.
Silver Mines MD Anthony McClure on Monday said that the company was delighted with the response to the capital raise from both new and existing investors.
“This is a direct reflection of the substantial potential of the Silver Mines asset base and in particular, the Bowdens project and the Barabolar project.
“We are in a surging silver commodity price cycle and with our expansive exploration programmes as well as our submission for development approvals for the Bowdens silver project, we are looking forward to a particularly positive period for the company.”
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