Silver One Puts up Big Numbers on Private Placement

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, July 8, 2020

The mining industry in Canada commanded the spotlight early Wednesday afternoon, with news of a major transaction by a junior miner.

Vancouver-based Silver One Resources Inc. (TSX-Venture:SVE) told investors t will conduct a fully subscribed non-brokered private placement of 20 million units at $0.45 per Unit for gross proceeds of $9,000,000.

What’s more, Eric Sprott’s company, 2176423 Ontario Ltd. plans to subscribe for $5,000,000 of the Offering.

Each unit will consist of one common share and one-half of one common share purchase warrant, with each whole Warrant entitling the holder to purchase one additional common share at $0.65 per share for a period of three years from the date of issue.

Proceeds of the financing will be used for ongoing exploration and drilling activities at the Candelaria Silver Project, additional exploration activities to further define the high-grade silver-gold-copper vein systems at the Company's Cherokee Project and to explore for very high-grade targets at the recently acquired Phoenix Silver project.

SVE shares hearkened to the news, gaining seven cents, or 14.7%, to 54.5 cents, on volume of 1.4 million shares.

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