08:35 AM EST, 12/24/2024 (MT Newswires) -- Silver Bullet Mines ( SBMCF ) on Tuesday said it will raise up to $1.5 million in a private placement that has a lead order of $500,000.

The private placement will consist of up to 12.5 million units at $0.12 apiece with each unit consisting of one common share and one common share purchase warrant exercisable at $0.16 for a period of 36 months from the date of issue.

Proceeds will be used to finance an accelerated development program at the Washington Mine Property in Idaho, a detailed exploration program at the Super Champ Mine in Arizona and working capital.

The company also received TSX Venture Exchange approval to issue 481,967 common shares as payment in lieu of cash interest on convertible debentures issued in May 2024.

Shares of the company closed flat at $0.12 on Monday on the TSXV.