Sierra Madre Gold and Silver Upsizes Private Placement to $19.5 Million
Sierra Madre Gold and Silver Ltd. announced an upsized private placement, raising gross proceeds of up to $19.5 million. Investor Eric Sprott is expected to participate in the funding round.
Vancouver, British Columbia – Sierra Madre Gold and Silver Ltd. (TSXV: SM) has announced an increase in its previously announced private placement, with total gross proceeds expected to reach $19.5 million. The company plans to issue up to 27,858,000 units at a price of $0.70 per unit.
Notable investor Eric Sprott, through his company 2176423 Ontario Ltd., is expected to participate in the offering. Beacon Securities Limited and Canaccord Genuity Corp. are acting as the agents for the transaction.
The funds raised are intended to support the company's development and exploration of its mineral properties. Sierra Madre's focus is on the Guitarra mine in Mexico, an underground operation with a 500 tonne per day processing facility, and the Tepic project in Nayarit, Mexico.
Each unit consists of a common share and one-half of a common share purchase warrant. The warrants, if fully exercised, would allow holders to acquire additional shares at $0.85 each for 12 months. The offering is anticipated to close on or about July 24, 2025, subject to regulatory approvals, including acceptance by the TSX Venture Exchange.