Silver Tiger Metals Launches Bought-Deal Share Offering To Raise Up to C$46 Million

Silver Tiger Metals (SLVR.V) said Tuesday it entered into an agreement for a bought-deal offering of 34.19-million shares at C$1.17 per share, for gross proceeds of about C$40 million.

The company said it will grant the underwriters an option to purchase up to an additional 15% of the offering and if this option is exercised in full it will raise an additional $6 million.

Silver Tiger plans to use the net proceeds to fund exploration and development expenditures at its El Tigre Project in Mexico, as well as for working capital and general corporate purposes.

Shares of the company closed up $0.05 to $1.33 on the TSX Venture Exchange.