Canadian exploration company Kootenay Silver has finalised its previously announced upsized bought deal public offering to raise C$20m ($14.6m) for the advancement of its Columba silver project in Chihuahua, Mexico.

In early June 2025, Kootenay announced a maiden resource estimate of 54 million ounces (moz) at a high grade of 284 grams per tonne (gpt) silver at the project.

The offering included 19 million units at a price of C$1.05 per unit.

Each unit sold comprises one common share and a half warrant, with each full warrant allowing the purchase of an additional common share at C$1.58 until 27 June 2028.

The proceeds will also support the company's working capital and general corporate functions.

Research Capital Corporation led the offering as the sole bookrunner, alongside a syndicate of underwriters including Red Cloud Securities.

The offering was conducted in accordance with a prospectus supplement filed across all Canadian provinces on 19 June 2025, which supplemented the company's base shelf prospectus from 27 March 2024.

Final approval from the TSX Venture Exchange is pending full execution of the offering.

As part of the offering agreement, Kootenay Silver compensated the underwriters with a cash commission of C$1.1m and issued 1,055,497 broker warrants.

Advisory fees of C$62,000 plus tax were also paid, along with 59,400 advisory broker warrants, mirroring the terms of the broker warrants.

These broker warrants grant the right to acquire a common share at C$1.05 each until 27 June 2028.

Arm's length finders also received cash finder's fees totalling C$30,000 in relation to certain president's list purchasers.