Silver Mines Secures AU$70 Million Through Placement; Shares Fall 13%

MT Newswires Live

Sep 23

Silver Mines (ASX:SVL) has secured firm commitments for a AU$70 million placement, issuing 482.8 million new shares at AU$0.145 per share, representing a 10% discount to its five-day volume-weighted average price, according to a Wednesday filing with the Australian bourse.

The placement was oversubscribed and attracted strong support from both existing and new institutional and sophisticated investors, per the filing.

The company will issue 277.7 million new shares under its placement capacity, with a further 205 million shares subject to shareholder approval, the filing said.

The funds will be used to advance the Bowdens silver project, acquire the Fitzroy and Asia Metals royalties, support land access and property purchases, fund exploration and business development, and provide working capital, the filing added.

The company's shares fell around 13% in recent Wednesday trade.

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