Silver exploration company, Silver Mines (ASX:SVL) has successfully completed a capital raising of $10 million to institutional, professional and sophisticated investors.
The Placement was conducted at an issue price of $0.10 per share and will result in the issue of 100,000,000 fully paid, ordinary shares.
Shares will rank equally with the Company’s fully paid, ordinary shares currently on issue.
The Placement saw further support from well-regarded resources institutional shareholder Sprott Asset Management LP of Canada and other quality institutions both locally and offshore.
Funds raised under the Placement will underpin the expansion of exploration activities including drilling at the Company’s flagship Bowdens Silver Project and Barabolar Project.
Shares in Silver Mines (ASX:SVL) are trading 13.79 per cent lower at $0.13.