12:24 PM EDT, 06/10/2024 (MT Newswires) -- Fortuna Silver Mines ( FSM ) said Monday it closed its $172.5 million offering of 3.75% convertible senior notes due 2029, including an option for an additional $22.5 million.

The initial conversion rate for the notes is 151.722 common shares of Fortuna per $1,000 principal amount of notes, equivalent to an initial conversion price of $6.59 a Share.

The net proceeds may be used to repay bank indebtedness, fund working capital requirements and fund the repayment of existing 4.65% senior subordinated unsecured convertible debentures, the company said.

Price: 5.07, Change: +0.10, Percent Change: +2.01