On August 9, 2022, Kuya Silver Corporation completed a “best efforts” private placement of 5,718,000 units at a price of $0.45 per unit for aggregate gross proceeds of $2.3 million, which includes the full exercise of the agent’s overallotment option. Concurrently with the private placement, Kuya Silver sold an aggregate of 1,320,000 units on a non-brokered private placement basis on the same terms as the private placement, for additional gross proceeds of $594,000.
Each unit consists of one common share of Kuya Silver and one transferable common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of $0.70 for a period of five years following the closing.
The offering was led by Canaccord Genuity Corp. and Research Capital Corporation as lead agent, on behalf of a syndicate, including Red Cloud Securities Inc.
Cassels acted for the agent.