Summa Silver (SSVR-Cse) raising some serious coin. Increase to Previously Announced PP to $4 Million
May 14, '20 - NR
Summa Silver Corp., due to strong demand, is increasing the size of the previously announced non-brokered private placement offering to up to 16 million shares at a price of 25 cents for gross proceeds of up to $4-million.
"The strong institutional investor interest in Summa Silver's first financing is an exciting development for the company. I would like to thank all investors for their support and look forward to beginning work on the property, where high-potential walk-up targets are ready to drill," said Galen McNamara, chief executive officer.
The financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. The company may pay finders' fees commensurate with regulatory policies on a portion of the private placement of up to 7 per cent in cash and 7 per cent in finders' warrants, each exercisable for one common share at a strike price of 25 cents for one year. Eventus Capital Corp. has been appointed as a finder in connection with the offering.
Proceeds from the financing will be used for exploration, corporate development and general working capital purposes.
About Summa Silver Corp
Summa Silver is a Canadian junior mineral exploration company. The company's assets consist of the Hughes property, located in central Nevada, and the Donna property, located in central British Columbia. Both projects are prospective for precious metal mineralization.
ON BEHALF OF THE BOARD OF DIRECTORS
“Galen McNamara”
Galen McNamara, Chief Executive Officer
Vancouver, BC, Canada
summasilver.com |
