Silver Bullet Mines Corp. Successfully Raises Capital for Expansion and Operations
Thursday, Jan 2, 2025 3:44 pm ET
1min read Silver Bullet Mines Corp. (TSXV: SBMI) has announced the successful completion of a non-brokered financing, raising a total of $1,574,075. The financing was priced at a 33% premium to the previous round, indicating strong investor confidence in the company's prospects. The funds raised will be used to put the Buckeye Silver Mine into pilot production, advance metallurgic work at the Washington Mine in Idaho, and for working capital.
The financing was conducted in tranches, with the first tranche of $764,000 announced on February 18, 2022, and the second tranche of $810,075 announced on March 11, 2022. The successful financing round demonstrates Silver Bullet Mines Corp.'s ability to access capital and secure financing, even in the face of market fluctuations.
The funds raised from the financing will be allocated as follows:
1. Buckeye Silver Mine Pilot Production: The company aims to complete the process of putting the Buckeye Silver Mine into pilot production in March 2022. This involves initial setup, equipment installation, and testing to ensure the mine is ready for full-scale operation.
2. Metallurgic Work at Washington Mine: The funds will also be used to advance metallurgic work at the past-producing silver and gold Washington Mine in Idaho. This includes conducting studies to optimize the extraction process, improve recovery rates, and assess the economic viability of the mine.
3. Working Capital: A portion of the raised funds will be allocated for working capital, which covers day-to-day operational expenses, such as salaries, equipment maintenance, and general administrative costs.
The successful financing round is a testament to Silver Bullet Mines Corp.'s strategic approach to accessing capital and financing options, which has significantly influenced its ability to expand and maintain its mining operations in the face of market fluctuations. The company has demonstrated its ability to raise capital through non-brokered financings, allowing it to fund specific projects and maintain its operations.
In conclusion, Silver Bullet Mines Corp.'s successful financing round has positioned the company to expand its mining operations and maintain its financial health. The raised capital will be used to put the Buckeye Silver Mine into pilot production, advance metallurgic work at the Washington Mine, and for working capital. This strategic move demonstrates the company's ability to adapt and secure financing in the face of market fluctuations, ensuring its continued growth and success.
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