BP Silver raises C$825,067 in second tranche of private placement

BP Silver Corp. (TSXV: BPAG) (OTCQB: BPSCF) closed the second tranche of its non-brokered private placement, raising gross proceeds of C$825,067, according to a company statement.

Combined with the first tranche of C$8,558,000, the company has raised aggregate gross proceeds of C$9,383,067 under the offering, which was increased from C$8 million to C$10 million. The company issued 825,067 units at C$1.00 per unit in the second tranche.

Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share at C$1.30 per share for two years from the issuance date.

BP Silver plans to use the net 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 its Titiri project, evaluation of other opportunities, and general working capital purposes.

All securities issued will be subject to a statutory hold period of four months and one day from the issuance date. The offering remains subject to final acceptance by the TSX Venture Exchange.

The company paid finder's fees of C$27,000 and issued 27,000 non-transferable finder's warrants exercisable at C$1.30 per share for two years. BP Silver expects to complete a third and final tranche for the remaining amount, subject to customary closing conditions and regulatory approvals.

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