BP Silver completes C$10.02 million private placement financing

BP Silver Corp. (TSXV: BPAG) (OTCQB: BPSCF) completed the final tranche of its non-brokered private placement, raising C$635,000 and bringing total gross proceeds to C$10,018,067.

The final tranche involved issuing 635,000 units at C$1.00 per unit. Each unit consists of one common share and one-half warrant, with each full warrant exercisable at C$1.30 per share for two years from issuance.

The company plans to use proceeds for exploration activities at its Cosuño Silver Project in Bolivia, including geophysical surveys and a Phase II drill program. Funds will also support potential exploration at the Titiri project and evaluation of other opportunities, along with general working capital purposes.

In connection with the final tranche, BP Silver paid finder's fees of C$24,000 and issued 24,000 non-transferable finder's warrants. Across the entire offering, the company paid total finder's fees of C$208,920 and issued 208,920 finder's warrants exercisable at C$1.30 per share for two years.

Company director Rob McMorran participated in the initial tranche, subscribing for 50,000 units worth C$50,000. This constituted a related party transaction under securities regulations, though the company expects to be exempt from formal valuation and minority shareholder approval requirements.

BP Silver also granted 2,468,600 stock options to directors, officers, employees and advisors. The options are exercisable at C$1.10 per share for five years from the grant date.

All securities issued are subject to a four-month-and-one-day statutory hold period. The offering requires final acceptance from the TSX Venture Exchange.

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