12:49 PM EDT, 03/27/2024 (MT Newswires) -- Americas Gold and Silver ( USAS ) on Wednesday rose 1.8% on last look after reporting that it has raised gross proceeds of $7.8 million by completing previously announced financings.

Under the offering, the company sold, on a brokered basis, about 21.7 million units at $0.30 per unit under the listed issuer financing exemption and 1 million units at $0.30 per unit in a concurrent private placement, under other prospectus exemptions, which included the fully exercised Agent's option under the Agency Agreement.

Additionally, the company issued about 3.3 million units at $0.30 apiece on a non-brokered private placement basis.

Each unit is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to buy one common share at an exercise price of C$0.40 per warrant share for 36 months following the closing of the offering.

The company plans to use the net proceeds for working capital requirements at the company's Cosala operations and Galena Complex, to transition to additional silver-copper ore production at the company's operations in the US and Mexico, and for general and administrative purposes.