01:54 PM EDT, 09/27/2024 (MT Newswires) -- GR Silver Mining ( GRSLF ) on Friday said it closed a non-brokered private placement that raised $2.37 million.

The company placed 14.8-million units in the financing, with each priced at $0.16 and made up of a share and one half of a two-year warrant to buy a second share for C$0.22.

Proceeds will be used for exploration targeting resource expansion in the San Marcial Area of the Plomosas Project and for general working capital.

"Management has been successful in working through a challenging market and is excited to reinvigorate its exploration of the highly prospective Plomosas Project," chief executive Eric Zaunscherb said in a release. "In our view, GR Silver Mining ( GRSLF ) has a silver project with a robust resource estimate, exceptional exploration potential, and existing infrastructure and permitting, as well as excellent technical and financial in-house expertise. We continue to advance several strategic initiatives, which we hope will bear fruit in the near-term."

GR shares were last seen down $0.01 to $0.205 on the TSX Venture Exchange.

Price: 0.21, Change: -0.01, Percent Change: -4.65