Tier One Silver to Raise Up To C$17 Million in a Best Efforts Private Placement of Share Units
Tier One Silver (TSLV.V) late Thursday said it will seek to raise up to C$17 million in a best-efforts private placement of share units.The company will raise between C$12 million and C$17 million from a placement of units priced at CC$0.07 and made up of a share a share and a three-year warrant to buy a share for C$0.15.The units will be offered at C$0.07 apiece and will be subject to an over-allotment option. Each unit consists of one common share and one full common share purchase warrant.The company also granted the agents al C$8.5 million over-allotment option.The company plans to use $1.8 million of the minimum proceeds to fund the initial purchase payment needs of the 70% control share purchase option of Compania Minera Ruta de Cobre S.A., it said. Tier One will use remaining proceeds to establish Ecuadoran exploration operations, start the first phase of exploration at RDC and provide working capital needs, it added.Shares of the company were last seen down C$0.005 , or 5.9%, to C$0.08 on the TSX Venture Exchange.Price: $0.08, Change: $-0.01, Percent Change: -5.88%
