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Aftermath Silver Ltd (2)
Symbol AAG
Shares Issued 207,283,011
Close 2024-04-02 C$ 0.23
Market Cap C$ 47,675,093
Recent Sedar Documents

Aftermath closes $2.66M first tranche of financing

2024-04-02 20:31 ET - News Release

Mr. Ralph Rushton reports

AFTERMATH SILVER LTD. ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Aftermath Silver Ltd. has closed the first tranche of its previously announced non-brokered private placement, whereby the company has completed the issuance of 12,132,427 units at a price of 22 cents per unit for gross proceeds of $2,669,133.94.

Each unit consists of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant. Each warrant is exercisable by the holder to acquire one additional common share for a period of 24 months from the date of issuance at a price of 32 cents per common share.

The company intends to use the net proceeds of the first tranche to complete geological, metallurgical and engineering studies at the company's Berenguela silver-copper-manganese project in southern Peru and for general working capital purposes.

In connection with the first tranche, the company issued 273,840 finders' warrants and paid commissions of $66,444.68 to certain finders. Each finder's warrant entitles the holder to purchase an additional common share at a price of 32 cents for a period of 24 months from the date of issuance.

All securities issued pursuant to the first tranche, including the finders' warrants, are subject to a hold period expiring on Aug. 3, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The company anticipates closing a second tranche shortly, subject to customary closing conditions, including approval of the TSX Venture Exchange.

Berenguela project

Background

The company has an option to acquire a 100-per-cent interest in Berenguela through a binding agreement with SSR Mining. Berenguela hosts a potentially open-pittable silver-copper-manganese mineral resource close to Santa Lucia in Puno province, southern Peru.

Silver, copper and manganese have crucial industrial applications in the clean energy and battery spaces. Copper and manganese have been designated critical metals by the U.S. government and the European Union.

The project is less than six kilometres from road, rail and power lines, and four hours from Arequipa by sealed road.

Aftermath published a mineral resource estimate in March, 2023, based on over 300 core and RC (reverse circulation) holes.

Recent bench-scale metallurgical testwork successfully produced commercial-battery-grade 99.98-per-cent-pure-manganese sulphate crystals (see news release dated Feb. 29, 2024).

Qualified person

Michael Parker, a fellow of the AusIMM and a non-independent director of Aftermath, is a non-independent qualified person, as defined by National Instrument 43-101. Mr. Parker has reviewed the technical content of this news release and consents to the information provided in the form and context in which it appears.

About Aftermath Silver Ltd.

Aftermath is a leading Canadian junior exploration company focused on silver and aims to deliver shareholder value through the discovery, acquisition and development of quality silver projects in stable jurisdictions. Aftermath has developed a pipeline of projects at various stages of advancement. The company's projects have been selected based on growth and development potential.

Challacollo silver-gold project

The company owns a 100-per-cent interest in the Challacollo silver-gold project. A National Instrument 43-101 mineral resource was released on Dec. 15, 2020 (available on SEDAR+ and the company's website). The company is currently completing environmental permitting in anticipation of an upcoming drill program.

Cachinal silver-gold project

The company owns a 100-per-cent interest in the Cachinal silver-gold project, located 2.5 hours south of Antofagasta. On Sept. 16, 2020, the company released a CIM-compliant (the Canadian Institute of Mining, Metallurgy and Petroleum) mineral resource and accompanying NI 43-101 technical report (available on SEDAR+ and on the company's website).

We seek Safe Harbor.

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