Zacatecas Silver (ZAC.V) plans to raise up to C$2.5 million in a non-brokered private placement of units, the company said on Tuesday.
Each unit will be priced at C$0.07 and will consist of one share and one two-year share purchase warrant to buy a share at C$0.09.
Proceeds will fund Zacatecas' maiden drill program at the Oso Negro project in Sonora, Mexico. The company has identified 20 drill pad locations at Oso Negro and completed the ecological studies required to apply for a drill permit.