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Use of proceeds will include fall drilling at the recently acquired Ranger-Page Silver-Lead-Zinc Project in Idaho's Coeur d'Alene Mining District
Vancouver, British Columbia--(Newsfile Corp. - October 29, 2024) - Silver Dollar Resources Inc. (CSE: SLV) (OTCQX: SLVDF) (FSE: 4YW) ("Silver Dollar" or the "Company") has completed the previously announced non-brokered private placement financing that raised gross proceeds of $1,500,000 (the "Offering").
The Offering consisted of 6,000,000 units priced at $0.25 each. The units are comprised of one common share and one-half of a non-transferable share purchase warrant with each full warrant entitling the holder to purchase one additional common share of the Company at a price of $0.40 per share for two years from the closing date of the Offering.
Mr. Eric Sprott subscribed for 3,000,000 units or $750,000 of the Offering. This investment results in Mr. Sprott holding approximately 19.8% percent of Silver Dollar's issued and outstanding common shares calculated on a partially diluted basis.
The Company paid finders' fees of $22,400 and 89,600 finders' warrants on a portion of the Offering proceeds. The finders' warrants entitle the holder to purchase one common share of the Company at a price of $0.40 for twenty-four months from the closing date. All securities issued pursuant to this Offering will have a hold period expiring on March 2, 2025.
The Company will use the net proceeds of the Offering to fund its initial drilling campaign at the recently acquired Ranger-Page Ag-Pb-Zn Project in Idaho's Silver Valley and for general working capital purposes.
Silver Dollar relied on subsections 5.5(b) and 5.7(1)(a) of Multilateral Instrument 61-101 to exempt the offering from the requirements for a formal valuation and minority shareholder approval. To the Company's knowledge, neither it nor the purchasers have knowledge of any material information concerning the Company or its securities that has not been generally disclosed.
About the Ranger-Page Project
Ranger-Page is a drill-ready project in a world-class silver district. The land package covers six historic mines and is ideally situated near Interstate 90 with year-round access to power, water, local infrastructure and a workforce in the Silver Valley skilled in exploration and mining. The primary target areas are up and down plunge from historic underground mining, along strike where ground induced polarization (IP) surveys identify anomalies, and where surface trenching identified near surface mineralization. Additional exploration targets have also been identified away from historic mine infrastructure, using soil geochemical data, mapping, and ground IP survey data.