11:20 AM EDT, 05/29/2024 (MT Newswires) -- Blackrock Silver ( BKRRF ) said Wednesday it raised $10.35 million as it closed a bought-deal offering of share units.

The company sold an underwriting syndicate 32.34-million units priced at $0.32 and made up of a share and one half of a two-year warrant to buy a second share for $0.48.

The completed offering includes the full exercise of the over-allotment option by the underwriters for the sale of about 4.2 million units for proceeds of roughly $1.4 million.

Mining financier Eric Sprott participated in the offering with a lead order of $4 million.

Before the offering, Sprott beneficially owned or controlled about 12.6 million common shares, representing about 5.6% of the outstanding common shares on a non-diluted basis. Following the completion of the offering, Sprott beneficially owns and controls about 25.1 million common shares and 6.3 million warrants, representing about 9.8% of the outstanding common shares on a non-diluted basis and 12% on a partially-diluted basis assuming the exercise of such warrants.

The company plans to use the proceeds for exploration, resource expansion, conversion drilling, working capital, and general corporate purposes.

Blackrock shares were last seen up $0.005 to $0.325 on the TSX Venture Exchange.

Price: 0.33, Change: +0.01, Percent Change: +1.56