01:29 PM EDT, 03/21/2024 (MT Newswires) -- Aftermath Silver Ltd. ( AAGFF ) said Thursday that it plans to raise gross proceeds of nearly $3 million by closing a non-brokered private placement of up to 13.6 million units at $0.22 apiece.

Each unit will be comprised of one common share and one-half of one non-transferable common share purchase warrant. Each warrant is exercisable by the holder to buy one additional common share for 24 months from the date of issuance at $0.32 per warrant share.

The company plans to use the net proceeds to complete geological, metallurgical, and engineering studies at the company's Berenguela Silver-Copper-Manganese project in southern Peru, and for general working capital purposes.

The company's shares fell 4.4% on last look on Thursday.

Price: 0.22, Change: -0.01, Percent Change: -4.44