Silver North Announces Closing of First Tranche of Private Placement
Silver North Resources Corp. (Silver North or the Company) is pleased to announce the successful closing of the first tranche of its private placement offering. The Company issued a total of 10,000,000 units at a price of $0.20 per unit for gross proceeds of $2,000,000.
Each unit consists of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire an additional common share at a price of $0.30 for a period of two years following the closing date of the private placement.
The private placement was well-received by investors, demonstrating confidence in Silver North’s growth strategy and prospects. The proceeds from the offering will be used to fund ongoing exploration activities at the Company’s flagship silver project and for general working capital purposes.
Silver North’s flagship project is located in a highly prospective region known for its rich mineral endowment. The project has shown promising results in recent exploration programs, with significant silver intercepts and potential for resource expansion.
The Company’s management team is excited about the progress made to date and believes that the successful closing of this private placement will further enhance Silver North’s ability to unlock the full potential of its assets. With a strong cash position and a clear exploration plan in place, Silver North is well-positioned to create long-term value for its shareholders.
In conjunction with the private placement, the Company also announced changes to its board of directors. Mr. John Smith, a seasoned mining executive with a track record of success in the industry, has been appointed as a new director. Mr. Smith’s expertise and network are expected to provide valuable insights as Silver North continues to advance its projects and pursue growth opportunities.
The successful closing of the first tranche of the private placement marks a significant milestone for Silver North Resources Corp. and underscores the strong support from the investment community. With a clear focus on exploration and value creation, Silver North is poised to continue its journey towards becoming a leading player in the silver mining sector.