SSR Mining Inc. said Jan. 3 that it chose to exercise its equity participation right to purchase 1,819,074 shares of SilverCrest Metals Inc. at C$7.28 apiece, for a total of C$13.2 million.
SilverCrest said the proceeds will be used for continued exploration and development of its Las Chispas silver project in Mexico, for general working capital and administrative purposes.
The private placement is set to close on or about Jan. 10.
Meanwhile, SSR said that in conjunction with the private placement, it entered into a transaction with a third party to divest 1,819,074 common shares of SilverCrest to be acquired pursuant to a private placement, at C$8.45 apiece, for a pretax gain of about C$2.1 million.
Following the disposition, SSR will own 9,000,645 SilverCrest common shares.