Silver North Ltd. (TSXV: SN) announced the successful closing of the first tranche of its private placement on April 15, 2021. The company issued a total of 5,000,000 units at a price of $0.25 per unit, raising gross proceeds of $1,250,000. Each unit consists of one common share of Silver North and one-half of one common share purchase warrant, with each whole warrant exercisable at a price of $0.40 for a period of two years from the closing date. The private placement was oversubscribed, indicating strong investor interest and confidence in Silver North’s exploration projects and growth potential.
The funds raised from the private placement will be used to advance the company’s flagship La Joya Silver project located in Mexico. The La Joya project is a high-grade silver, gold, zinc, and lead exploration property with significant upside potential. With the successful completion of the first tranche of the private placement, Silver North is well-positioned to accelerate exploration activities, including drilling programs and further geological analysis.
In addition to the La Joya project, Silver North has a diversified portfolio of exploration assets in other mineral-rich regions. The company’s management team, led by seasoned industry experts, is committed to creating long-term value for shareholders through responsible exploration and development activities.
Silver North’s successful closing of the first tranche of its private placement is a testament to the confidence of investors in the company’s vision and potential for growth. With a solid financial foundation, strategic exploration projects, and a dedicated team, Silver North is poised to capitalize on the ongoing strength in the precious metals market and create value for its shareholders.