Masivo Silver Corp. has closed the second and final tranche of its previously announced non-brokered private placement. The company raised gross proceeds of $1,999,922 with the issuance of 33,332,033 units, with each unit consisting of one common share and one-half of a common share purchase warrant (total of 16,666,017 warrants), with all securities having a four-month hold period.

Each full warrant entitles the holder to purchase one common share at a price of 10 cents for a period of 12 months. The company paid a total of $45,268 in cash, issued 800,000 shares and issued 2,043,083 finder warrants pursuant to the policies of the TSX Venture Exchange. The offering is subject to the final approval of the TSX-V. All shares issued for finders’ fees will include a four-month hold. A portion of the finder warrants priced at 10 cents (1.5 million warrants) will be exercisable for a period of two years and will vest on the first anniversary of the closing date of the private placement.

The net proceeds of the offering will be used to advance exploration activities on the company’s Boston mine in Nevada and at the Cerro Colorado project in Sonora, Mexico, as well as for general working capital.

Qualified person

Brian Brewer, PGeo, is Masivo Silver’s qualified person for the company’s projects in Mexico and Nevada and has approved this news release.

About Masivo Silver Corp.

Masivo is a Canadian junior silver and gold mining exploration company based in Vancouver, Canada. Masivo is currently focused on advancing its exploration projects in the state of Nevada, United States, and in the state of Sinaloa, Mexico. The company’s mill, located on its El Colomo property, is capable of processing up to 300 tons of ore per day.

Original Article: https://www.sedarplus.ca/csa-party/records/document.html?id=c5e280c256336b7e5df599b186fa668dcedc375e686a002422b9d12f63dca8b8