Blackrock Silver Announces Closing of $13.8 Million Bought Deal Public Offering; Overallotment Option Exercised in Full
Blackrock Silver Announces Closing of $13.8
Million Bought Deal Public Offering;
Overallotment Option Exercised in Full
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2025) - Blackrock Silver Corp. (TSXV:
BRC) (OTCQX: BKRRF) (FSE: AHZ0) (the "
Company
" or "
Blackrock
") is pleased to announce that it
has closed its previously announced bought deal public offering (the "
Offering
") of 38,334,100 units of
the Company (the "
Units
") at a price of $0.36 per Unit (the "
Issue Price
") for aggregate gross proceeds
of $13,800,276, which included the full exercise of the over-allotment option.
Each Unit consists of one common share of the Company (each, a "
Common Share
") and one-half of
one Common Share purchase warrant (each full warrant, a "
Warrant
"). Each Warrant entitles the holder
thereof to purchase one Common Share at a price of $0.50 until January 30, 2027.
Anrew Pollard, President & Chief Executive Officer of Blackrock, commented: "Amidst an uncertain
economic backdrop, completion of this Offering provides Blackrock with the ability to continue driving
forward our flagship Tonopah West project with an expanded M&I Conversion and Resource Expansion
drilling program, as we aim to deliver a resource update during Q3 2024 that will form the basis for an
updated PEA.
The Company will also move forward with an intensive program of base-line studies and
data collection for environmental permitting.
Programs for waste rock characterization, hydrology and
detailed engineering will be undertaken to de-risk and advance the project towards permitting for an
exploration decline and bulk sampling program. We have the ability, and now the capital, to drive
Tonopah West forward quickly, and we thank all investors for their continued support as we move
forward with our ambitious plan."
The Offering was led by Raymond James Ltd., as lead underwriter and sole bookrunner, on behalf of a
syndicate which included Red Cloud Securities Inc., Research Capital Corporation and Ventum
Financial Corp. (collectively, the "
Underwriters
"). In connection with the Offering, the Company paid the
Underwriters a cash commission of $799,184.16 and issued to the Underwriters 2,219,955 Common
Share purchase warrants (the "
Compensation Warrants
"). Each Compensation Warrant is
exercisable for one Common Share of the Company at the Issue Price per Common Share until January
30, 2027.
The net proceeds from the Offering are expected to be used by the Company to advance exploration
and development at the Company's Tonopah West mineral project, for working capital and for general
corporate purposes.
The Offering was completed pursuant to a prospectus supplement (the "
Supplement
") dated January
27, 2025, to the Company's short form base shelf prospectus dated August 4, 2023 (the "
Base Shelf
Prospectus
"), filed with the securities regulatory authorities in each of the provinces and territories of
Canada (except Québec), and in the United States on a private placement basis pursuant to an
exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the "
U.S.
Securities Act
") and applicable state securities laws and other jurisdictions. An electronic or paper
copy of the Supplement and the Base Shelf Prospectus may be obtained, without charge, from Raymond
James Ltd. by phone at 416-777-7000 or by e-mail at
by providing
Raymond James Ltd. with an email address or address, as applicable.
One insider of the Company purchased or acquired direction and control over a total of 28,000 Units
under the Offering. The sale to such person constitutes a "related party transaction" within the meaning of
TSX-V Policy 5.9 (the "
Policy
") and Multilateral Instrument 61-101 -
Protection of Minority Security
Holders in Special Transactions
("
MI 61-101
") adopted in the Policy. The Company has relied on
exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101
contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the
offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the
fair market value of the consideration for, the transaction, insofar as it involved the related party,
exceeded 25% of the Company's market capitalization (as determined under MI 61-101).
The securities offered have not been, and will not be, registered under the U.S. Securities Act, or any
applicable U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of,
persons in the United States or "U.S. persons" (as such term is defined under Regulation S under the
U.S. Securities Act) absent registration or an available exemption from the registration requirement of
the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful.
About Blackrock Silver Corp.
Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration
and development company driven to add shareholder value. Anchored by a seasoned Board of
Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of
low-sulphidation, epithermal gold and silver mineralization located along the established Northern
Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.
Additional information on Blackrock Silver Corp. can be found on its website at
www.blackrocksilver.com
and by reviewing its profile on SEDAR+ at
www.sedarplus.ca
.
Cautionary Note Regarding Forward-Looking Statements and Information
This news release contains "forward-looking statements" and "forward-looking information" (collectively,
"
forward-looking statements
") within the meaning of Canadian and United States securities
legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical fact, are forward-looking statements. Forward-looking statements in
this news release relate to, among other things, the anticipated use of proceeds of the Offering. These
forward-looking statements reflect the Company's current views with respect to future events and are
necessarily based upon a number of assumptions that, while considered reasonable by the Company,
are inherently subject to significant operational, business, economic and regulatory uncertainties and
contingencies. These assumptions include, among other things: conditions in general economic and
financial markets; accuracy of assay results; geological interpretations from drilling results, timing and
amount of capital expenditures; performance of available laboratory and other related services; future
operating costs; the historical basis for current estimates of potential quantities and grades of target
zones; the availability of skilled labour and no labour related disruptions at any of the Company's
operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses
and regulatory approvals for operations are received in a timely manner; the ability to secure and
maintain title and ownership to properties and the surface rights necessary for operations; and the
Company's ability to comply with environmental, health and safety laws. The foregoing list of
assumptions is not exhaustive. The Company cautions the reader that forward-looking statements
involve known and unknown risks, uncertainties and other factors that may cause actual results and
developments to differ materially from those expressed or implied by such forward-looking statements
contained in this news release and the Company has made assumptions and estimates based on or
related to many of these factors. Such factors include, without limitation: the timing and content of work
programs; results of exploration activities and development of mineral properties; the interpretation and
uncertainties of drilling results and other geological data; receipt, maintenance and security of permits
and mineral property titles; environmental and other regulatory risks; project costs overruns or
unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and
grades of the target zones based on historical data; general market and industry conditions; and those
factors identified under the caption "Risks Factors" in the Company's most recent Annual Information
Form.
Forward-looking statements are based on the expectations and opinions of the Company's
management on the date the statements are made. The assumptions used in the preparation of such
statements, although considered reasonable at the time of preparation, may prove to be imprecise and,
as such, readers are cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date the statements were made. The Company undertakes no obligation to update
or revise any forward-looking statements included in this news release if these beliefs, estimates and
opinions or other circumstances should change, except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information, please contact:
Andrew Pollard, President & Chief Executive Officer
Blackrock Silver Corp.
Phone: 604 817-6044
Email:
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INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES NOR FOR
DISSEMINATION IN THE UNITED STATES.
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