Aus firm raises A$25m for Argentina silver projects
ASX-listed Unico Silver has raised A$25-million through a placement to institutional and sophisticated investors, positioning the company to accelerate exploration and development at its silver projects in Argentina.
The single-tranche placement of about 71.4-million new shares was priced at A$0.35 a share, representing a 10.3% discount to Unico’s last closing price on August 15.
Unico said on Wednesday that the financing would allow for an additional 30 000 m of drilling across the Cerro Leon and Joaquin projects, with updated mineral resource estimates (MREs) expected in late September and the December quarter, and a maiden scoping study to follow.
“This financing significantly de-risks our development pathway by strengthening the balance sheet and enabling us to aggressively ramp up drilling ahead of two pivotal mineral resource updates," said MD Todd Williams.
“We are now able to immediately recommence drilling in early September, with over 30 000 m planned across Joaquin and Cerro Leon. These programmes will target both new discoveries and near-resource growth as we progress toward our PLUS 150 development strategy – aiming to define 150-million ounces of pit-constrained, free-milling silver equivalent as the foundation for our maiden scoping study.
“The next MRE, due late September, will incorporate results from Cerro Leon and the most recent discoveries at Joaquin, including the exciting step-outs at La Negra SE and La Morocha SE.
“On behalf of the board, I welcome our new institutional investors and thank our loyal shareholders for their continued support, as we strengthen the share register and transition from discovery to development.”*
Settlement of the new shares is scheduled for August 26, with allotment on August 27.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation