Eric Sprott Boosts Stake in Aftermath Silver: What This Means for the Market

2 min read | September 17, 2024 10:05 AM EDT | By Team Kalkine Media

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Aftermath Silver Ltd. (TSXV:AAG) has announced plans to complete a non-brokered private placement. The offering will involve up to 14,285,714 units, each priced at $0.35, for total gross proceeds of up to $5,000,000.

Each unit will consist of one common share and one-half of one transferable common share purchase warrant. Each warrant will be exercisable for an additional common share at a price of $0.45 per share over a 24-month period from the date of issuance.

The net proceeds from this placement will be allocated towards geological, metallurgical, and engineering studies at the Berenguela Silver-Copper-Manganese project located in southern Peru. Additionally, funds will be used for general working capital purposes.

2176423 Ontario Ltd., a company controlled by Mr. Eric Sprott, plans to subscribe for the full amount of the private placement, totaling 14,285,714 units. This transaction will be classified as a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The private placement will be exempt from formal valuation and minority shareholder approval requirements as the fair market value of the securities issued to related parties will not exceed 25% of the company's market capitalization.

All securities issued in this private placement will be subject to a hold period of four months and one day from the issuance date, in accordance with applicable securities laws. The completion of the private placement is contingent upon obtaining all necessary regulatory approvals, including those from the TSX Venture Exchange.

The securities offered will not be registered under the United States Securities Act of 1933 and cannot be offered or sold in the United States unless an exemption from registration requirements is available. This announcement does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States or any other jurisdiction where such an offer would be illegal.

The current number of common shares outstanding is 234,579,088, with a projected 248,864,802 common shares upon completion of the private placement. All financial amounts are in Canadian dollars. A 3% finder's fee will be paid to Canal Front Investments Inc.

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