Silver Mines raised AU$18 million via a placement

Silver Mines Limited (ASX: SVL) announced the successful completion of capital raise of AU$18 million to its institutional, professional, and sophisticated investors. The placement comprised the issue of approx. 112,500,000 fully paid ordinary shares at an issue price of AU$0.16 per new share, and the issue price represents a 19.5% discount to the 5-day volume weighted average price.

The proceeds from the placement will be used to fund the progression of and pre-development expenditures comprising exploration related to the company’s top Bowdens Silver Project and will also support the exploration activities at its other projects and for general working capital requirements.

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