07:58 AM EDT, 04/19/2024 (MT Newswires) -- Capitan Silver ( CAPTF ) closed its $2 million private placement, issuing 13.5 million shares at $0.15 each.

Net proceeds will be used to advance the Cruz de Plata project, evaluate potential acquisitions and to fund working capital and general corporate expenses.

Construplan, one of Mexico's largest privately held construction and project management firms, led the financing and now

has a 9.9% stake in the company. Capitan Silver's ( CAPTF ) largest shareholders also took part in the placement, including investor Michael Gentile who now owns 17% of the company. Management and insiders accounted for 13% of the financing.