Blackrock Silver Upsizes Financing to $12 Million

Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF) (FSE: AHZ0) has announced an upsize of its previously announced bought deal financing to $12 million. The Company has entered into an agreement with Raymond James Ltd. as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, to purchase 33,334,000 units of the Company at a price of $0.36 per unit for gross proceeds of $12,000,240. Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder to purchase one common share at a price of $0.50 for a period of 24 months following the closing date.

The Company has also granted the underwriters an over-allotment option, exercisable in whole or in part, for a period of 30 days following the closing date, to purchase up to an additional 15% of the number of units sold pursuant to the offering. The net proceeds from the offering are expected to be used to advance exploration and development at the Company's Tonopah West mineral project, for working capital, and for general corporate purposes.

The upsized financing reflects the strong investor demand for Blackrock Silver's units, indicating a positive market sentiment towards the Company and the broader mining sector. The increased demand for the Company's units led to the upsizing of the offering, demonstrating investors' confidence in Blackrock Silver's exploration and development prospects, particularly at its flagship Tonopah West project.



The Company's strategic initiatives align with its long-term growth objectives, focusing on the development and advancement of its flagship Tonopah West project while maintaining financial flexibility to pursue other opportunities and projects. The completion of the final option payment on the Tonopah West project allows Blackrock Silver to own 100% of the project, providing full control over its development and exploration. This enables the Company to focus on expansion drilling and continue with metallurgical characterization, engineering evaluation, and hydrological assessment at Tonopah West, better understanding the project's potential and optimizing its development.

In conclusion, Blackrock Silver's upsized financing to $12 million reflects a positive market sentiment towards the Company and the broader mining sector. The Company's strategic initiatives align with its long-term growth objectives, focusing on the development and advancement of its flagship Tonopah West project while maintaining financial flexibility to pursue other opportunities and projects. The completion of the final option payment on the Tonopah West project allows Blackrock Silver to own 100% of the project, providing full control over its development and exploration and enabling the Company to better understand the project's potential and optimize its development.