The Prospector News

IMPACT Silver Closes Second Tranche of Oversubscribed Financing Totalling $1.74 Million

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

IMPACT Silver Closes Second Tranche of Oversubscribed Financing Totalling $1.74 Million

 

 

 

 

 

IMPACT Silver Corp. (TSX-V:IPT) is pleased to announce that it has completed the second and final tranche of the non-brokered private placement announced on November 6, 2018. Despite challenging junior mining markets, the Company has oversubscribed the financing originally announced for $1.5 million with a total raise of $1.74 million. In the second tranche of the Private Placement, a total of $1.19 million was raised through the issuance of 4,421,753 units at a price of $0.27 per Unit. Each Unit consists of one common share and one warrant. Each Warrant entitles the holder to acquire one Share at a price of $0.35 and expires in 24 months.

 

Frederick Davidson, CEO and President of IMPACT comments “Following a series of successful 2018 exploration programs at San Ramon, Guadalupe, and Santa Teresa Gold, the market has clearly indicated interest in the combination of cashflow from production and exploration potential that IMPACT offers. First thing, we aim to explore the targets at Santa Teresa which we recently sampled 6.5g/t gold over a true width of 1.66 meters along a strike length of 50 meters. (see News Release dated September 25, 2018) and nearby Carlos Pecheco had drilling results of up to 19.6g/t gold over 2.9 meter true width in 2008 (News Release dated December 04, 2008). Concurrent to exploration are optimization at the Guadalupe operation to ensure operation cashflow remains buoyant at current silver prices.”

 

Officers and directors of IMPACT subscribed for a total of 565,500 units (approximately 11% of the second tranche financing). The Company intends to use the proceeds of the Private Placement to explore the Zacualpan land package for additional high potential precious metals as well as gold-copper targets, to improve efficiencies at the Guadalupe production mill, and for general working capital purposes.

 

In consideration for their services, the Company has paid a cash commission equal to up to 6% of the gross subscription proceeds raised from certain subscribers in the Private Placement.

 

The Private Placement is subject to the receipt of final approval from the TSX Venture Exchange.

 

 

The Shares and Warrants issued under the Private Placement today are subject to a standard hold period of four months and one day, expiring on May 19, 2019, all in accordance with applicable securities laws. 

 

About IMPACT Silver:

 

IMPACT Silver Corp. is a successful silver explorer-producer with two processing plants on adjacent districts within its 100% owned mineral concessions covering 357km2 in central Mexico with excellent infrastructure and labor force. Over the past twelve years over 8.1 Moz of Silver has been produced, generating revenues of $168 million, with no long-term debt. In the historic Royal Mines of Zacualpan Silver District three underground silver mines feed the central 535 TPD Guadalupe processing plant. To the south, in the Mamatla District the Capire processing plant is currently rated at 200 tpd, but is expandable. It is adjacent to an open pit silver mine with a National Instrument 43-101 (“NI 43-101”)  compliant resource of over 4.5 Moz Silver, 48 million lbs Zinc and 21 million lbs Lead (see IMPACT news release dated January 18, 2016 for details) that is awaiting higher silver prices to be restarted. Since acquiring the project, IMPACT has compiled an exhaustive database with over 5,000 old mine workings, assayed over 50,000 rock samples and over 70,000 drill core samples, analysed over 85,000 soil samples, and put six mines into production.

 

Qualified Person and NI 43-101 Disclosure

 

George Gorzynski, P.Eng.,. is a “qualified person” within the meaning of NI 43-101 and has reviewed and approved the technical information  disclosure contained in this press release. 

 

Posted January 18, 2019

Share this news article

MORE or "UNCATEGORIZED"


VIZSLA SILVER AGREES TO ACQUIRE NEWLY CONSOLIDATED PAST-PRODUCING SILVER DISTRICT IN THE EMERGING SILVER-GOLD-RICH PANUCO - SAN DIMAS CORRIDOR IN MEXICO

Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) i... READ MORE

March 28, 2024

Additional Drill Results Highlighted by Hole D-380 in Block 6 at Oko West, Intersecting 39.7 m Grading 5.27 g/t Au Including 2.8 m @ 14.18 g/t Au and 13.0 m Grading 10.50 g/t Au

Reunion Gold Corporation (TSX-V: RGD) (OTCQX: RGDFF) is pleased t... READ MORE

March 28, 2024

STLLR Gold’s Tower Gold Project Infill Drilling Continues to Confirm Mineralization at the Jonpol Deposit

STLLR Gold Inc. (TSX: STLR) (OTCQX: STLRF) (FSE: O9D) announces ... READ MORE

March 28, 2024

Hudbay Provides Annual Reserve and Resource Update and Production Outlook

Consolidated copper production is expected to average 153,000i to... READ MORE

March 28, 2024

Aya Gold & Silver: Record 2023 Production, Revenue and Operating Cash Flow

Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) is pleased t... READ MORE

March 28, 2024

Copyright 2024 The Prospector News