Core Silver completes $2 million private placement offering

Core Silver Corp. (CSE:CC)(FSE:5RJ)(OTCQB: CCOOF) completed a non-brokered private placement offering, issuing 8 million units at $0.25 per unit for gross proceeds of $2 million, according to a company statement.

Each unit consists of one common share and one transferable warrant exercisable at $0.315 per share for 24 months from issuance. The company plans to use net proceeds for general working capital and property exploration activities.

Company insiders participated in the offering, purchasing 1.86 million units for $463,750. Chief Executive Officer Nicholas Rodway acquired 80,000 units, VP of Business Development Joshua Vann purchased 175,000 units, and Crescat Portfolio Management LLC, which owns more than 10% of outstanding shares, bought 1.6 million units.

The securities carry a statutory hold period of four months and one day from issuance date. No finder's fees were paid in connection with the offering.

Core Silver also announced the cancellation of 1.04 million stock options held by officers, directors and consultants. The cancelled options included 467,500 options with a $1.35 exercise price granted in April 2024, 274,500 options at $2.30 granted in June 2023, and 297,500 options at $5.00 granted in March 2022.

The Vancouver-based mineral exploration company focuses on projects in British Columbia and owns the Blue Property covering 114,074 hectares in the Atlin Mining District.

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