Pacifica Silver Corp. has announced the closing of the first tranche of its previously announced C$10 million non-brokered private placement financing by issuing 19.1 million units of the Company at a price of C$0.50 per Unit for aggregate proceeds of C$9.55 million. Participants in the first tranche included Vizsla Silver Corp.; First Majestic Silver Corp.; Silvercorp Metals Inc.; and 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott.
“We are grateful for the overwhelming support we have received for this financing and are thrilled to welcome several prominent silver mining companies and renowned investor Eric Sprott as new shareholders,” stated Todd Anthony, President and CEO of Pacifica Silver. “We deeply value the trust that our new and existing shareholders have placed in our team’s vision and expertise. With this support, we are eager to launch an initial +8,000-metre drill program at our Claudia Project in Mexico this fall, aimed at unlocking its vast potential.”
Each Unit consists of one common share of the Company and one-half of one common share purchase warrant of the Company. Each Warrant entitles the holder to purchase an additional Common Share at an exercise price of $0.80 for a period of 36 months following the closing of the Offering.
The Units under the first tranche of the Offering will be subject to restrictions on resale until December 22, 2025. The proceeds of the Offering are expected to be used for upcoming exploration and drill work at the Claudia Project located in Durango, Mexico, as well as general working capital. No finders’ fees were paid under the Offering.
The Company expects the second tranche of the Offering to close on or about August 29, 2025.
Three insiders subscribed for 450,000 Units for gross proceeds of $225,000 and such participation will be considered a ‘related-party transaction’ as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company expects to be exempt from the requirement to obtain a formal valuation and minority shareholder approval in connection with the three insiders participation in the Offering in reliance of Sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that their participation in the Offering did not exceed 25% of the fair market value of the Company’s market capitalisation.
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