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Summa Silver Corp
Symbol SSVR
Shares Issued 63,964,611
Close 2022-01-21 C$ 1.01
Recent Sedar Documents

Summa Silver increases financing to $10-million

2022-01-21 15:27 ET - News Release

Mr. Galen McNamara reports

SUMMA SILVER CORP. ANNOUNCES UPSIZE OF BROKERED PRIVATE PLACEMENT FINANCING TO $10,000,000 LED BY INVESTMENTS FROM ERIC SPROTT AND FIRST MAJESTIC SILVER

Summa Silver Corp. has increased the size of its previously announced brokered private placement offering of units of the company at a price of 90 cents per unit for gross proceeds of up to $10-million. The offering is being conducted by Research Capital Corp. and Eventus Capital Corp. as co-lead agents and joint bookrunners. Participation in the offering is expected to include Eric Sprott and First Majestic Silver Corp.

Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each whole warrant shall be exercisable to acquire one common share at a price of $1.20 per warrant share for a period of 36 months from the closing of the offering.

The company has granted to the agents an option, exercisable up to 48 hours prior to the closing date of the offering, to sell up to an additional 15 per cent of the offered units at a price of 90 cents per unit.

Galen McNamara, chief executive officer of the company, stated: "The participation of First Majestic and Mr. Eric Sprott in the current financing represents a significant endorsement of Summa Silver's ongoing work and future potential at our two high-grade U.S. silver projects. This year will be transformative for the company as we aggressively advance both projects."

The net proceeds from the offering are expected to be used for exploration, corporate development and general working capital purposes. Closing of the offering is expected to occur on or about Feb. 10, 2022, and is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange.

Closing of the offering is subject to regulatory approval and all securities to be issued pursuant to the offering will be subject to a four-month hold period under applicable Canadian securities laws. The company has agreed to pay to the agents a cash commission equal to 6 per cent of the gross proceeds of the offering. In addition, the company has agreed to issue to the agents compensation warrants of the company, exercisable for a period of 36 months, to acquire in aggregate that number of common shares of the company which is equal to 6 per cent of the number of offered shares sold under the offering at an exercise price of 90 cents.

The securities to be issued under the offering will be offered by way of private placement in each of the provinces of Canada and such other jurisdictions as may be determined by the company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.

About Summa Silver Corp

Summa Silver is a Canadian junior mineral exploration company. The company has options to earn 100-per-cent interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont mine, one of the most prolific silver producers in the United States between 1903 and 1929. The mine has remained inactive since commercial production ceased in 1929 due to heavily depressed metal prices and little to no modern exploration work has been completed prior to the company acquiring an interest in the property.

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