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

BP Silver Corp. (TSXV: BPAG) (OTCQB: BPSCF) completed 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 second tranche involved issuing 825,067 units at C$1.00 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant allows the holder to acquire one common share at C$1.30 per share for two years from the issuance date.

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

BP Silver 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. All securities are subject to a four-month and one-day statutory hold period.

The company expects to complete a third and final tranche for the remaining amount, subject to closing conditions and regulatory approvals. The offering remains subject to final acceptance by the TSX Venture Exchange.

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