Silver Mines Raises AU$25 Million via Share Placement; Shares Down 19%

MT Newswires Live

Dec 10, 2024

Silver Mines (ASX:SVL) raised AU$25 million via the placement of around 271.7 million shares at AU$0.092 apiece, according to a Tuesday filing with the Australian bourse.

Participants will also receive free options on a one-for-three basis, exercisable at AU$0.1196 and expiring 18 months from June 17, 2026, the filing said.

Proceeds will be used mainly for Bowdens silver project development consent approvals, engineering studies, community and freehold purchases, resource growth exploration across New South Wales tenements, business development opportunities, and general working capital, according to the filing.

Shares fell past 19% in afternoon trade Tuesday.

Price (AUD): $0.09, Change: $-0.02, Percent Change: -19.13%

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