07:21 AM EDT, 07/17/2025 (MT Newswires) -- First Andes Silver ( MSLVF ) after markets closed on Wednesday said it closed the first tranche of its previously announced non-brokered private placement, raising about $1.01 million.

The company issued 10.17 million units at $0.10 each.

Each unit is made up of one common share of the company and one-half of one share purchase warrant. Each warrant will be exercisable at $0.15 per share for a period of two years from the date of issue.

The proceeds of the first tranche will be used to expand on its current drill program at the Santas Gloria silver property and general working capital purposes.

The company expects the second tranche of the offering to close in the next week.