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Liberty Silver upsizes private placement to C$8M

Liberty Silver Corp. increased the size of a previously announced private placement to C$8 million from C$5 million, on the back of investor demand.

The company will now issue up to 6.4 million units at C$1.25 apiece. Each unit will comprise a share and 0.5 of a share purchase warrant, while each whole warrant is exercisable to acquire 1 additional share at C$2 for a period of 36 months from closing.

The offering is being conducted by a syndicate of agents led by Red Cloud Klondike Strike Inc. and includes Haywood Securities Inc.

The company granted the agents an overallotment option, exercisable in whole or in part, at any time up to 48 hours before closing, to place up to a further C$2 million of units.

Net proceeds will primarily be used for lease payments, acquisition payments, exploration and development at the Bunker Hill silver mine in Idaho, as well as for general corporate and working capital purposes, according to a Nov. 20 release.

The offering is expected to close by Nov. 23.