07:26 AM EDT, 10/09/2024 (MT Newswires) -- Americas Gold and Silver ( USAS ) was at last look up 3% in US premarket trade as it agreed on Wednesday to a binding agreement with an affiliate of Eric Sprott and Paul Andre Huet that will have the company acquire the remaining 40% interest in the Galena Complex in Idaho, USA to consolidate the current Galena joint venture.

Upon the closing of the acquisition, Paul Andre Huet will be appointed chairman and chief executive of the company. Darren Blasutti will remain as President.

The company also entered agreed to complete a bought deal private placement financing of subscription receipts of the company to raise gross proceeds of approximately $40 million at an issue price of $0.40 per subscription receipt.

Also, the company said it is in advanced discussions with numerous lenders with respect to a debt financing to restructure Americas balance sheet and is in the process of evaluating indicative terms received. It is anticipated that the company will enter into exclusive negotiations in the near-term with the intention of replacing existing debt facilities.

The company saw its shares drop 4.4% on the TSX yesterday.