AbraSilver Resource Corp. placed 3.06M shares at C$14.70 to raise C$45M for its Diablillos silver-gold project. The bought deal closes July 29 with an over-allotment option for additional C$5M.
Alpha Score of 71 reflects strong overall profile with strong momentum, strong value, moderate quality, moderate sentiment.
AbraSilver Resource Corp. placed 3.06 million common shares at C$14.70 apiece in a bought-deal public offering that will raise C$45 million in gross proceeds, the company said Tuesday.
National Bank Financial and Beacon Securities are acting as co-bookrunners alongside Raymond James. The underwriters also hold an option to buy up to 339,000 additional shares at the same price for another C$5 million, exercisable for 30 days after the July 29 closing.
The cash will go toward advancing AbraSilver's wholly owned Diablillos silver-gold project in Salta province, Argentina. The company plans to use the money for early works and long-lead-time equipment procurement as well as general corporate purposes.
Closing is expected July 29, subject to Toronto Stock Exchange approval. The shares are being sold in most Canadian provinces by prospectus supplement, to U.S. qualified institutional buyers under Rule 144A, and in other jurisdictions where no filing is needed.
AbraSilver is a development-stage miner with a single advanced project. A definitive feasibility study released earlier this year described Diablillos as a high-margin, long-life precious metals deposit with exploration upside. The company also holds the La Coipita project in San Juan, Argentina, under a joint venture with Teck Resources.
The offering will dilute existing shareholders. AbraSilver trades on the TSX under ABRA and on the OTCQX as ABBRF.
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