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TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) -- AbraSilver Resource Corp. (TSXV: ABRA) (“AbraSilver” or the “Company”) is pleased to announce that it has agreed with the syndicate of underwriters (the “Underwriters”) co-led by National Bank Financial Inc. and Beacon Securities Limited, as co-bookrunners, to increase the size of its previously announced bought deal equity financing.
The Underwriters have agreed to purchase on a “bought deal” basis, 10,231,000 common shares of the Company (the “Common Shares”) at a price of $2.55 per Common Share (the “Issue Price”), for aggregate gross proceeds of $26,089,050 (the “Offering”). The Underwriters will have an option to purchase up to an additional 15% of the Common Shares issued under the Offering at the Issue Price to cover over allotments, exercisable in whole or in part, at any time until 30 days after the closing of the Offering.
Kinross Gold Corporation (“Kinross”) and Proener SAU (“Central Puerto”) may elect to increase their subscriptions in the previously announced concurrent private placement offering in accordance with their respective participation rights.
The closing date of the Offering is expected to occur on or about February 7, 2025 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the conditional approval from the TSX Venture Exchange.
In all other respects, the terms of the Offering and use of proceeds therefrom will remain as previously disclosed in the original press release dated January 31, 2025.
About AbraSilver
AbraSilver is an advanced-stage exploration company focused on rapidly advancing its 100%-owned Diablillos silver-gold project in the mining-friendly Salta and Catamarca provinces of Argentina. The current Proven and Probable Mineral Reserve estimate for Diablillos, consists of 42.3 Mt grading 91 g/t Ag and 0.81 g/t Au, containing approximately 124 Moz silver and 1.1 Moz gold, with significant further exploration upside potential. In addition, the Company has entered into an earn-in option and joint venture agreement with Teck on the La Coipita project, located in the San Juan province of Argentina. AbraSilver is listed on the TSX-V under the symbol “ABRA” and in the U.S. on the OTCQX under the symbol “ABBRF.”