Maverick Gold and Silver Corp. (CSE: MAV) (FSE: VR61) (OTC Pink: VRCFF) has closed the first tranche of a non-brokered private placement, issuing 11,080,000 units at C$0.05 per unit for gross proceeds of C$554,000, according to a company statement.

Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.10 per share until October 16, 2028. The company retains the option to accelerate warrant expiry if the share price on the Canadian Securities Exchange equals or exceeds C$0.15 for 10 consecutive trading days, in which case warrants would expire 30 days after written notice is issued.

All securities from the first tranche are subject to a statutory hold period expiring February 17, 2027.

In connection with the closing, Maverick paid C$22,000 in cash finders' fees and issued 440,000 non-transferable finder warrants, each exercisable at C$0.10 until October 16, 2028.

The company said proceeds will be used for working capital and general corporate purposes. One or more subsequent tranches are anticipated.

Maverick Gold and Silver is an exploration-stage company with gold, silver, and copper properties in Nevada and British Columbia.