By Susanna Moon
Chicago, Jan. 19 - Esperanza Silver Corp. said it plans to raise up to C$5 million from a private placement of units.
The company will issue 4 million units of one share and one warrant at C$1.25 each. Each whole warrant is exercisable at C$1.75 for two years.
If the company's shares trade at C$2.20 or more for 20 consecutive trading days, the company may accelerate the expiry of the warrants to 21 trading days after giving notice.
Proceeds will be used to continue exploration on the company's Cerro Jumil in Mexico, San Luis in Peru and other exploration programs as well as for working capital purposes.
Esperanza said there can be no assurance that the private placement will be completed as proposed or at all.
Esperanza is a Vancouver, B.C.-based exploration company focused on precious metals.
| Issuer: | Esperanza Silver Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$5 million
|
| Units: | 4 million
|
| Price: | C$1.25
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.75
|
| Pricing date: | Jan. 19
|
| Stock symbol: | TSX Venture: EPZ
|
| Stock price: | C$1.34 at close Jan. 18
|
| Market cap: | C$65.08 million
|
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