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AbraSilver Resource Raised C$50 Million in a Bought-Deal Share Offering

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AbraSilver Resource (ABRA.TO), down near 7% on last look, on Wednesday said it closed a bought-deal share offering that raised C$50 million.

The company sold underwriters 3.4-million shares priced at $14.70 each, including the full exercise of the over-allotment option.

AbraSilver said following the close of the offering, it will place a further 139,241 share to Kinross Gold (K.TO) to maintain its ownership stake in the company.

Proceeds will be used to advance the Diablillos project in Argentina.

AbraSilver shares were last seen down C$1.00, or 6.9%, to C$13.41, on the Toronto Stock Exchange.

Price: $13.41, Change: $-1.00, Percent Change: -6.94%

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