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Canadian mineral exploration company Silver Bull Resources plans to raise $3m in gross proceeds through the private placement of 23.1 million units priced at $0.13 a unit.

Each unit will comprise one common share and one half of one non-transferable common share purchase warrant, which will entitle the holder to purchase one common share for $0.16 within two years from the closure of the placement.

Clients and subsidiaries of the Sprott Group of Companies are expected to subscribe to the placement.

The company plans to pay a 7% cash commission on the gross proceeds raised by finders as part of the placement, in addition to issuing warrants equal to 5% of the aggregate number of units sold.

The warrants will enable the finders to purchase a common share in the company for $0.14 each within two years from the closure of the placement.

Treasury Metals has completed a non-brokered private placement of 11.9 million units priced at C$0.42 ($0.31) a unit to raise a sum of C$5m ($3.74m).

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By GlobalData
“Treasury Metals has completed a non-brokered private placement of 11.9 million units priced at C$0.42 ($0.31) a unit to raise a sum of C$5m ($3.74m).”

Each unit comprises a common share in the company along with a common share purchase warrant, which entitles the holder to acquire an additional common share at a price of C$0.60 ($0.45) per warrant within five years of the closure of the offering.

Canada-based Treasury Metals is focused on the exploration and development of gold projects.

Silver Viper Minerals has signed option agreements with Pan American Silver to acquire 100% ownership of the Rubi-Esperanza mineral concessions in Mexico.

The Rubi-Esperanza claims span an area of 2,102ha and are situated 220km from Hermosillo, Sonora.

The claims are surrounded by three large prospective mineral concessions, which are currently held by Pan American Silver.

Silver Viper has agreed to pay $4.49m in cash over the first four anniversaries of the signing of the option agreement, in addition to a 2% net smelter returns royalty.

Silver Viper Minerals is a junior mineral exploration company that is primarily engaged in the exploration of precious metals in north-western Sonora, while Pan American Silver is a mining firm.

Both companies involved in the transaction are based in Canada.

Kingston Resources has agreed to sell the Mt Cattlin lithium tenements to Galaxy Resources for A$0.6m ($0.44).

Galaxy has agreed to pay 50% of the amount in cash and the remaining 50% in shares as part of the transaction.

Galaxy Resources is engaged in lithium production, while Kingston Resources is primarily focused on metals exploration.

Both companies involved in the deal are based in Australia.

Canadian mineral exploration firm Auryn Resources has purchased the rights to the Mollecruz concessions within the Sombrero Project in southern Peru from the underlying owner under an option agreement.

The company has agreed to spend $3m as work expenditures, as well as pay $1.6m to the owner over a five-year period in order gain 100% ownership of the Mollecruz concessions.

The owner will also receive a 0.5% net smelter returns royalty over the concessions.