Kuya Silver Corporation (OTCMKTS: KUYAF) stock is moving up gradually since morning and moved up to the session high on unusual volume.
As of 11:49, KUYAF stock gained 8% to $1.89. Total volume for the session stood at 500K shares – 5.50X its average volume of 152.14 million shares. The stock opened at $1.72 and moved within a wide range of $1.6400 – 1.8900.
Kuya Silver Announces $8 Million Private Placement Equity Financing
- KUYAF announced that it has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. (collectively, the “Underwriters”) pursuant to which the Underwriters shall purchase 4,211,000 units of the Company (the “Units”) at a price of $1.90 per Unit, on a “bought deal” private placement basis, for aggregate gross proceeds to the Company of approximately $8 million (the “Offering”).
- The Company has also granted the Underwriters an option to purchase up to an additional 15% of the Units of the Offering on the same terms exercisable at any time up to the closing of the Offering.
- Each Unit will consist of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each full warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one Common Share of the Company at an exercise price of $2.60 for a period of 24 months following the closing of the Offering.
- Closing of the Offering is expected to occur on or about June 16, 2021 and is subject to certain conditions, including regulatory approval, including that of the Canadian Securities Exchange.
- The net proceeds of the Offering shall be used for development activities at the Bethania project and for general working capital purposes.