The Prospector News

Summa Silver Corp. Closes Oversubscribed $5 Million Financing and Welcomes Eric Sprott as Investor

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Summa Silver Corp. Closes Oversubscribed $5 Million Financing and Welcomes Eric Sprott as Investor

 

 

 

 

 

Summa Silver Corp. (CSE:SSVR) (Frankfurt:48X) is pleased to announce that it has closed the oversubscribed non-brokered private placement for gross proceeds of $5,000,000. Participation in the Offering included Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by Mr. Sprott.

 

“Attracting investments from Mr. Eric Sprott and high-quality institutional investors in the Company’s first financing is an important development in our short history,” stated Galen McNamara, CEO of the Company. “With this financing now closed we are pleased to welcome a very strong group of new shareholders as we drive towards an aggressive summer drill program in Nevada which is now entering the final stages of preparation.”

 

The Company issued 20,000,000 common shares at a price of $0.25 per share pursuant to the Offering. Net proceeds of the Offering will be used for exploration, corporate development, and general working capital purposes. Securities issued pursuant to the Offering are subject to a four month and one-day statutory hold period. The offering is subject to the receipt and final approval of the CSE. 

 

In connection with the Offering, the Company paid total finder’s fees of $40,600 in cash and issued 1,026,550 finder’s shares and 1,188,950 finder’s warrants (the “Finder’s Warrants”) to eligible finders.  Each Finder’s Warrant is exercisable into one common share of the Company at a price of $0.25 for a period of one year. Eventus Capital Corp. acted as a finder in connection with a portion of the Offering.

 

Officers and Directors of the Company subscribed for a total of 460,000 shares in the Offering. As a result, the Offering is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”)).  The Company relied upon exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101.

 

About Summa Silver Corp

 

Summa Silver Corp 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.

 

Posted May 28, 2020

Share this news article

MORE or "UNCATEGORIZED"


Endeavour Completes US$100 Million Investment By La Mancha

Endeavour Mining Corporation (TSX: EDV) (OTCQX: EDVMF) is pleased... READ MORE

July 3, 2020

Mako Mining Announces Exercise of Participation Right by Wexford Capital in Previously Announced Private Placement Offering

Mako Mining Corp.(TSX-V: MKO) (OTCQB: MAKOF) is pleas... READ MORE

July 3, 2020

Firefox Gold Completes $2 Million Non-Brokered Private Placement

FireFox Gold Corp. (TSX-V:FFOX) (FRA:A2PDU7) announces, effective... READ MORE

July 2, 2020

Cerro de Pasco Resources Closes Second Tranche Non-Brokered Private Placement

Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCMKTS: GPPRF) (Frank... READ MORE

July 2, 2020

Tectonic Metals Closes Oversubscribed $4.9 Million Private Placement Financing

Tectonic Metals Inc. (TSX-V: TECT) announced that the Company clo... READ MORE

July 2, 2020

Copyright 2020 The Prospector News - Site design by Spyderbaby Productions