Zacatecas Silver closes first tranche of private placement

Zacatecas Silver Corp. (TSXV: ZAC | OTCQB: ZCTSF) has closed the first tranche of a non-brokered private placement, issuing 21,074,201 units at $0.07 per unit for gross proceeds of $1,475,194.07.

Each unit consists of one common share and one warrant, with each warrant exercisable at $0.09 per share for two years from the closing date. The company retains the right to accelerate warrant expiry if the 20-day volume-weighted average trading price of its common shares equals or exceeds $0.18, giving warrant holders 30 days' notice before expiration.

In connection with the first tranche, the company paid $66,933.58 in finder fees and issued 956,194 non-transferable finder warrants, also exercisable at $0.09 per share for two years. All securities issued are subject to a four-month-and-one-day hold period under Canadian securities laws.

The company said proceeds will fund a planned maiden drill program at its Oso Negro project in Sonora, Mexico, along with continued exploration across its six-project Mexican portfolio and general working capital.

You May Also Be Interested In

• Zacatecas Silver Closes the First Tranche of Non-Brokered Private Placement
• Jersey Mike's prices IPO at $23 per share on NYSE as JMKE
• Healthcare Triangle issues 12.5 million shares, boosting Nasdaq listing value