Silver Mines raises cash for Bowdens buy
PERTH (miningweekly.com) – Junior Silver Mines would raise some A$2.25-million through a share placement to fund the A$1.8-million deposit required for the purchase of the Bowdens silver project, in New South Wales.
Gold miner Kingsgate Consolidated in February signed a purchase agreement with Silver Investment Holdings Australia (SIHA) to divest of an 85% interest in its Bowdens silver project for A$20-million.
However, in March, Silver Mines signed a heads of agreement with SIHA to acquire the company, and its shareholding in the Bowdens project, for A$4-million in Silver Mines shares and the A$20-million Bowdens purchase price.
Silver Mines said on Wednesday that the share placement, which had been priced at A$0.15 a share, with a one-for-two free attaching option exercisable at 0.3c each, would fund the acquisition deposit for the Bowdens project.
The remaining payments required for the Bowdens transaction would be raised under financing arrangements, which would be confirmed in April.
Silver Mines told shareholders that discussions were currently under way with leading brokers, advisers and financial institutions to firm up the proposed arrangements, providing the company with the appropriate level of funding to further its silver project portfolio.
The Bowdens project had a resource of some 182-million ounces of silver equivalent and was located on some 610 ha within the Lachlan Fold belt.
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